Pyth Network’s price has dropped over 66% from its yearly high, and technicals point to a further downside.

As of the afternoon on May 21 (Asia time), Pyth (PYTH) was trading around $0.124, down about 3% in the past 24 hours. That’s its lowest point since April 11. The token’s market cap currently sits just above $22.7 billion.

The latest slide follows a scheduled token unlock on May 20, which released approximately 2.13 billion PYTH into circulation, valued at $275.11 million. 

The unlock, part of Pyth’s annual vesting cycle, represented 58.7% of the circulating supply at the time and was distributed to early investors, contributors, and ecosystem participants.

Following the event, Pyth’s…