- 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 the largest Pi whale continues to accumulate 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 they moved over 5.4 million tokens, worth over $1.2 million, from OKX on Tuesday. This buying spree means 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.
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The buying spree has accelerated ahead of this week’s Pi Day event on Saturday. Pi’s team will likely make major announcements this week, which may affect its price.
Some of the potential news will focus on the ongoing decentralized exchange (DEX) and automated market maker (AMM) testnet, which has been running 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 several major announcements in the past few months, including the upcoming validator rewards distribution, which is expected this month. It also announced plans to launch a KYC-as-a-Service offering, following 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 composed of a vertical line and a symmetrical triangle.
Similarly, the Relative Strength Index (RSI) has continued to rise and is now hovering near the overbought level of 70.
Therefore, the most likely Pi Coin price forecast is bullish, with the next important target being the psychological level at $0.30, about 30% above the current level. A surge above that level will signal further gains, potentially to the key resistance level at $0.50, which is 117% above the current level.
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