Pi Network Coin price held steady for two consecutive days as its biggest whale resumed accumulation following the team’s major updates on its first-year anniversary. It was trading at $0.1653 on Wednesday, up slightly from this week’s low of $0.1556.
Top Whale Restarts Buying Pi Coins
Data compiled by PiScan shows that the largest Pi Network whale still believes the coin has more upside in the long term.
The anonymous whale resumed accumulation this month after a long hiatus. He moved 296,353 coins from OKX Exchange into self-custody on Tuesday.
This transaction happened three days after the whale moved 376,290 coins from OKX. In total, he has moved over 7.6 million tokens this month. He now holds over 383 million tokens, currently valued at over $63 million.
This accumulation restarted as Pi Network celebrated the first anniversary of its mainnet launch on February 20th. In a statement, Nikolas Kokkalis and Chengdiao Fan, the founders, highlighted the future priorities.
READ MORE: Here’s Why the Blue-Chip Dow Jones Index is Slumping and What Next
The top priority is growing the Pi Network ecosystem, including the upcoming launch of token generation. Unlike other blockchain projects, these tokens will be backed by utility, a move meant to reduce the entry of meme coins in the ecosystem.
The token launch will coincide with that of the decentralized exchange (DEX) and an automated market maker (AMM).
Meanwhile, the developers are working on the KYC migration process, including launching more AI tools to increase the number of people migrating. In an X post, they noted that over 17 million users have been KYC’ed, while 16.2 million have migrated to the mainnet.
As a result, they now aim to launch KYC-as-a-Service, a move that may see it compete with other companies like Worldcoin and Humanity Protocol.
Pi Network Coin Price Prediction: Technical Analysis
The 12-hour chart shows that the Pi Coin price has been highly volatile in the past few weeks. It retreated from a high of $0.2063 earlier this month to its current level of $0.1653. This retreat occurred as investors booked profits after the token soared by over 60% from its lowest level this month.
The token has moved above the Supertrend indicator, a sign that bulls are in control. Also, it remains between the Strong, Pivot, Reverse, and the Weak, Stop & Reverse levels of the Murrey Math Lines.
Therefore, the most likely Pi Network price prediction is bullish as it has formed a bullish flag pattern, which often leads to continuation. If this happens, the next key target level to watch will be the Ultimate Support level at $0.200.
However, a move below the ultimate support of the Murrey Math Lines tool could signal further gains, potentially to the key resistance level at $0.1296.
READ MORE: MSTR Stock Price: Top 3 Reasons Strategy May Crash to $100
