After Chainlink (LINK), Will it be Pyth Network’s (PYTH) Turn? On-Chain Data Offers Clues

Chainlink (LINK), the leading decentralized oracle network by market capitalization, has posted a strong surge in price and market interest, sparking speculation of a broader rally across the oracle sector. This could likely make Pyth Network (PYTH) a possible contender for the next breakout.

However, the key question is whether LINK’s momentum reflects sector-wide growth drivers or if its rally is fueled by factors unique to Chainlink. This distinction could determine the outlook for the entire oracle ecosystem.

Chainlink Emerges As The Top Gainer in The Crypto Market

According to BeInCrypto Markets data, Chainlink’s native token, LINK, rose to $26.5 in early Asian trading hours today. This level was last seen in January 2025. 

Despite a modest correction, the price retained gains of 3.15% over the past 24 hours, bringing LINK to trade at $24.94 at press time. What makes this notable is that the altcoin continued to trend upward as the broader market moved in the opposite direction.

Chainlink (LINK) Price Performance. Source: Chainlink (LINK) Price Performance.

This rise has made LINK one of the top daily gainers and trending coins on CoinGecko. It’s not just the price.

As tracked by LunarCrush, social media sentiment shows a surge in mentions and engagements for LINK, reflecting heightened investor interest. 

$LINK is very undervalued at these price levels. TOP 10 altcoin is an infrastructure play that continues to get overlooked. I am not fading this. Just look at all these partnerships! Shoutout mentioned here too!

— Zach Humphries (@Z_Humphries) August 17, 2025

BeInCrypto also noted that retail curiosity in LINK is climbing. Google Trends data revealed that search interest for ‘Chainlink’ is reaching record highs. Furthermore, Cookie.fun highlighted that Chainlink has the highest mindshare in the crypto market today.

Chainlink Crypto Mindshare. Source: Chainlink Crypto Mindshare.

Will PYTH Follow LINK’s Path? 

Meanwhile, according to Artemis Analytics data, the oracle sector has outperformed other crypto categories over the past month, appreciating 35.18%. While this paints a bullish picture for the entire sector, it’s worth noting that Chainlink is leading much of this growth.

The disparity in gains among top projects further evidences this imbalance. In August, LINK surged more than 42%, while PYTH managed a modest increase of just 0.33%.

LINK vs PYTH Price Performance. Source: LINK vs PYTH Price Performance.

Nonetheless, on-chain data tells a different story. Daily transaction counts for PYTH and LINK have dropped significantly since June. This suggested that price action is not fueled by corresponding on-chain activity or a sudden rise in demand.

So, what’s driving LINK’s growth? Its momentum appears to be fueled by supply-side factors and large-holder behavior. The launch of the Chainlink Reserve, an initiative designed to accumulate LINK tokens, has been a significant driver.  This move reduces selling pressure, supporting price growth.

“The Chainlink Reserve is designed to support the long-term growth and sustainability of the Chainlink Network by accumulating LINK tokens using offchain revenue from large enterprises that are adopting the Chainlink standard and from onchain service usage,” Chainlink noted.

Additionally, whale accumulation and institutional partnerships have played a pivotal role. Thus, these are all unique catalysts that are not present in PYTH’s or other oracle solutions’ ecosystem.

PYTH may still benefit from the ongoing bull run. However, whether its gains could mirror those of LINK’s is not certain. For now, Chainlink remains the sector’s dominant force, with PYTH’s moment yet to materialize.