Pi Network Coin price had a fairly successful February as it continued to outperform top coins like Bitcoin, Ethereum, and Solana. It was trading at $0.1700 on Sunday, up sharply from the year-to-date low of $0.1300. This article looks at some of the top catalysts that may move the token in March.
Pi Network Coin Price to React to Token Unlocks
One of the potential catalysts for the Pi Network price will be the daily token unlocks that will continue boosting the circulating supply of the token.
Data compiled by PiScan shows that the network will unlock 187.5 million tokens worth over $31 million this month. These token unlocks account for about 2.3% of the current circulating market capitalization.
Data shows that Pi Network has a circulating supply of over 9.4 billion tokens and a total supply of 100 billion tokens. This means that more tokens will continue coming online in the coming years. Precisely, 1.4 billion tokens will be unlocked in the next 12 months.
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Validator Rewards Distribution
The other major catalyst for the Pi Coin price will be the upcoming validator rewards distribution, which will happen in the last week of the month.
It is unclear how many tokens will be disrupted this month. However, there is a likelihood that the coin may rally ahead of the rewards distribution and then drop after that as these validators sell their tokens. Data compiled by PiScan shows that the network has 296 active nodes, 3 validators, and 3,390 peers.
At the same time, the price will react to the ongoing network upgrades to v23, which started in February. Based on the provided schedule, the final upgrade will happen in April this year.
Potential Kraken Exchange Listing
Meanwhile, there is a likelihood that the token will be listed by Kraken, one of the biggest crypto exchanges in the United States. Its listing will make it available to millions of people, especially in the United States.
A Kraken listing will be highly bullish because it will be the first major exchange to list it since its mainnet launch in February last year. It may also push more crypto exchanges like Binance and Coinbase to consider listing it.
Pi Network Price Technical Analysis to Impact Movement
Technicals will also impact the Pi Network price this month. The daily timeframe chart shows that the token has remained above the Supertrend indicator, a sign that bulls are in control. It also moved above the 50-day Exponential Moving Average (EMA).
The coin also formed a bullish flag pattern, meaning that it may continue rising in the coming weeks. If this happens, the initial target will be at $0.2060, its highest level in February this year. A move above that level will point to more gains, potentially to the psychological level at $0.250.
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