- Pi Network price is attempting to mount a comeback.
- The network will soon enable smart contracts in its platform.
- Pi Coin has formed a morning star candle pointing to a recovery.
The price of Pi Network has risen for two consecutive days, climbing from this week’s low of $0.1710 to $0.1875. This rebound coincides with a crucial milestone in the core network upgrade and continued whale accumulation. This article explores key factors suggesting the coin may be poised for a ~70% surge.
Pi Network Price Has Some Major Catalysts
Pi Coin’s token has several major catalysts that could drive its price higher, potentially to the year-to-date high, which is ~70% above today’s price.
The first major catalyst is that whale investors have continued buying the coin this month. Its biggest whale has bought over 6 million coins this month and crossed the 400 million token milestone. His holdings are now worth over $75 million.
This whale likely knows something that retail investors and traders don’t, as he has been buying continuously since last year. Its recent crash to an all-time low did not discourage him, and he continued his dollar-cost averaging.
The other major catalyst is that Pi Network is evolving from a closed platform into an open ecosystem. This is happening through ongoing protocol upgrades that are gradually introducing smart contracts.
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With these contracts, developers can now build applications similar to Aave, Uniswap, and PancakeSwap. These apps, if they gain traction, will increase the utility of the Pi token.
Meanwhile, Pi Network was recently listed on Kraken, making it tradable for millions of its customers. As Kraken is one of the hardest exchanges to get into, the listing means that other blue-chip companies will most likely do the same.
Additionally, Pi Network will soon unveil its validator rewards distribution, launch its decentralized exchange, and introduce a new KYC-as-a-Service solution. It will also launch more services as it works to boost its utility. Additionally, it will benefit from the upcoming crypto market rally, which will be supercharged by signs that the Iran war is ending.
Still, fundamentally, a few things may derail its growth, including its centralization, daily token unlocks, and the lack of demand for its exchange-traded product (ETP) that is listed in Sweden.
Pi Coin Price Technical Analysis
The daily chart suggests an eventual recovery in Pi Coin’s price. It recently formed a morning star candlestick pattern, which consists of a long bearish candle, a small-bodied candle (the star), and a bullish candle.
Pi Network is also showing signs of a double-top pattern. Its top section was at a year-to-date high of $0.2976, about 70% above the current level.
Pi is also attempting to move above the middle line of the Bollinger Bands indicator, which would confirm the bullish breakout. Therefore, the most likely forecast is bullish with the next key target being the year-to-date high of $0.2976. The bullish outlook will be invalidated if it drops below the $0.1711 support level.
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