Pi Network price could be preparing for lift-off as developers continued to upgrade the platform to Protocol 23, and as one obscure whale continued accumulating Pi tokens.
Summary
- Pi Network price could be about to go parabolic in the near term.
- A top whale has accumulated Pi coins worth over $134 million.
- Technical analysis points to a rebound, potentially to $1
Pi Coin (PI) was trading at $0.3565, inside a narrow range it has been stuck in for the past few days. This price is nearly 90% below the highest level this year.
One potential catalyst for the value of Pi is that one whale, whose identity is still unknown, has been accumulating the coin since August. The whale has now bought and moved 376.9 million tokens worth more than $134 million today.
The whale could be an ordinary investor who believes that Pi Network is a bargain that will ultimately rebound. However, this whale could be an insider with material information that the rest of the public does not know yet, such as a potential token burn.
Additionally, the whale could be a centralized exchange executive who knows that the company will list the token. This is possible since Pi Network has not had a major exchange listing since its mainnet launch in February this year.
Historically, cryptocurrencies surge after being listed by major exchanges like Upbit, Binance, and Coinbase. For example, Redstone (RED) token recently doubled after being listed by Upbit. Other tokens that soared recently after their listings are Story, Omni, and Ethena.
Meanwhile, Pi Network developers continued the upgrade process as they seek to become fully compatible to Stellar’s Protocol 23. In an update, they noted that they were now working on launching the testnet 1 of Protocol 23.
Pi Network price technical analysis
The daily chart shows that the Pi Coin price could be on the verge of a major bullish breakout. It has formed a symmetrical triangle pattern whose two lines have now converged.
Pi Network token has also formed a double-bottom pattern at $0.3305 and a neckline at $0.4650. Also, the Relative Strength Index has moved to the neutral point at 50, while the Percentage Price Oscillator is about to cross the zero line.
Therefore, the coin will likely have a strong bullish breakout, potentially to the psychological level at $1. The bullish Pi coin price forecast will become invalid if it drops below the double-bottom point at $0.3300.
