Pi Network price has rebounded in the past few days, moving from the all-time low of $0.1300 earlier this month to the current $0.1850. It has outperformed other popular cryptocurrencies such as Bitcoin, XRP, and Solana.
Why Pi Network Price is Soaring
Pi Coin price has performed well over the past few days as investors have responded to several important catalysts. For example, the developers have recently made several major announcements, including the upgrade of the Stellar Consensus Network from Protocol 19 to Protocol 23.
The upgrade to v19.6 began on Sunday, and the upgrade to v19.9 will begin on February 27. This will be followed by v20.2 on March 12, with the next four upgrades happening at a later date.
The Pi Network price has rebounded as the likelihood of a token listing by Kraken has continued to rise. Kraken has added it to the roadmap page for its listing, indicating that it may occur in the coming weeks or months.
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Kraken is one of the biggest companies in the crypto industry, with its most recent fundraising round valuing it at over $20 billion. A Pi Coin listing may prompt more companies, such as Binance and Coinbase, to do the same, thereby increasing demand. Cryptocurrency prices often exhibit parabolic growth when they are listed on major exchanges.
Pi Network token has outpaced the validator rewards distribution, which is scheduled for the last week of March this year.
Additionally, the token price is rising as market participants respond to recent KYC and mainnet migration updates. The developers launched new tools to accelerate the KYC process, which made nearly 2.5 million pioneers eligible for the migration. It is also testing palm-print verification for further authentication as its top whale begins buying.
Pi Coin Price Prediction: Technical Analysis
The 12-hour chart indicates that the Pi Network price has rebounded in recent days, moving from a low of $0.1300 earlier this month to the current $0.1850. It has moved to the 38.2% Fibonacci Retracement level.
The token is slowly forming a bullish pennant pattern, consisting of a vertical line and a symmetrical triangle. It has moved above the 50-period Exponential Moving Average.
Therefore, the most likely Pi Network price prediction is that it continues to rise, with the initial target at $0.2055, the 50% Fibonacci Retracement level. A move above that level will point to more gains, potentially to the 61.8% retracement point at $0.2550.
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