- Pi Network Coin is rising as the biggest whale continues his buying spree.
- The coin will benefit from the upcoming Pi Day event.
- It has jumped above the Supertrend indicator, pointing to more gains.
Pi Network Coin price is stuck in a bull market after rising by over 70% from its lowest level this year, and this trend may continue as its biggest whale continues accumulating and the Supertrend indicator turns green. The token jumped to $0.2330, up substantially from the year-to-date low of $0.1300.
Top Whale Goes on Pi Coin Buying Spree
There are signs that the biggest Pi Network whale believes that the coin has more upside in the coming weeks as he has accelerated his accumulation spree.
Data shows that they moved over 5.4 million tokens worth over $1.2 million from OKX on Tuesday. This buying spree means that he has bought over 12 million tokens worth over $2.6 million this month.
The buying spree brings his total holdings to 394.57 million, which is equivalent to $91 million. This makes him the biggest holder, a role he has maintained in the past few months.
READ MORE: Nio Stock Price Analysis: Tesla Rival Forms Bullish Pattern as Revenue Jumps
The buying spree has accelerated ahead of the upcoming Pi Day event on Saturday this week. Pi’s team will likely make some major announcements this week, which may have an impact on its price.
Some of the potential news will be on the ongoing decentralized exchange (DEX) and automated market maker (AMM) testnet that has been going on for months.
The most important potential catalyst will be a Kraken listing, which may happen ahead of Pi Day. It may also happen before Pi Day 2, which happens on July 22.
Pi Network has made some major announcements in the past few months, including the upcoming validator rewards distribution, which is expected to happen this month. It also announced plans to launch a KYC-as-a-Service thanks to its success in verifying millions of users.
Pi Network Coin Price Supertrend Indicator Has Flashed a Bullish Sign
The daily timeframe chart shows that the popular Supertrend indicator has turned green recently, a sign that bulls are gaining control. At the same time, the coin has moved above the Ichimoku cloud indicator.
The coin has moved above the 100-day Exponential Moving Average (EMA) and has formed a bullish pennant pattern, which is made up of a vertical line and a symmetrical.
Similarly, the Relative Strength Index (RSI) has continued rising and is now hovering near the overbought level at 70.
Therefore, the most likely Pi Coin price forecast is bullish, with the next important target to watch being the psychological level at $0.30, which is about 30% above the current level. A surge above that level will point to more gains, potentially to the key resistance level at $0.50, which is 117% above the current level.
READ MORE: XRP Price Prediction as the RLUSD Stablecoin Hits $1.6 Billion Milestone
