PYTH Network [PYTH] has been in recovery following a bounce off from a zone of confluence between an EMA support and a demand zone at around $0.072. At the time of writing, PYTH prices had recorded a 10% daily surge, as the token made a continuation bullish push above its recent swing high of $0.089.

While the breakout is positive for the short-term outlook, it will be critical to hold on to the regained price level for any further rallies.

On the other hand, increasing Open Interest (OI), growing Funding Rates, and long position domination show that derivatives traders are expecting more gains. Can these market indicators help drive the PYTH rally further?

Rising OI signals growing derivatives exposure

The…