Key Insights
- Analysts continue to speculate that $PI could be headed to $3 soon, despite the ongoing market downturn.
- According to analyst Kim H Wong, the current PI trajectory has been sluggish because of the lack of updates from the development team.
- The 4-hour charts show that the cryptocurrency is now testing the $0.89 support level, which is crucial for a rebound.
- If the bulls take action from this price level, Pi could see a comeback towards $3 over the next few weeks.
The $PI token has been making waves in the crypto space lately. Analysts continue to speculate that its price could be headed to $3 soon, despite the ongoing market downturn.
While the token has faced strong volatility in recent times, recent developments and expert insights show that a major rally could be incoming.
Why Pi Network Could Be Set for a Rally?
According to analyst Kim H Wong, multiple factors could drive Pi Coin’s price upwards.
The analyst mentioned in a recent tweet that the cryptocurrency’s price has fluctuated between $0.60 and $3 since its launch.
The current price now hovers around the $0.9 level—despite these price swings, however, the growing interest in the cryptocurrency could contribute to a major breakout.
Wong believes that Pi Network’s price movement has largely been influenced by market volatility and community hype.
As a result, the lack of major announcements from the team has been the reason for the limited upward momentum.
Wong believes that for Pi to rally soon, key catalysts like exchange listings, merchant partnerships, ecosystem advancements, and more must take center stage.
What Major Factors Could Support a Rally?
According to Wong, a rally on the Pi network is possible under certain circumstances. Some of these include:
1. Exchange Listings and Merchant Adoption
One of the biggest factors that could fuel Pi Coin’s rally is its growing adoption. More exchanges are listing the cryptocurrency, making it more accessible to a wider range of investors.
Recently, CoinEx, the Hong Kong-based exchange, added the cryptocurrency to its offerings, joining other major players like Bitget, OKX, Gate.io, and MEXC.
In addition to these, real-world use cases for Pi Coin are expanding.
More and more businesses are accepting the cryptocurrency as a form of payment, in one of the biggest displays of potential for the cryptocurrency.
2. Pi Domains and the Web3 Ecosystem
Another major development was the introduction of the .pi domain names, which are currently being auctioned within the Pi ecosystem.
These domains work similar to digital addresses for websites, apps and services—not unlike the same thing offered by the Ethereum name service (ENS)
The auctioning process reduces Pi Coin’s circulating supply and is a major contributor to its value increase over time.
Pi Network now has a growing community of nearly 70 million registered users, including 20 million identity-verified Pioneers.
3. Enhanced Security with Two-Factor Authentication (2FA)
Pi Network recently introduced two-factor authentication to secure its migration to the mainnet.
This new security measure makes sure that only verified users can successfully transfer their Pi holdings to the mainnet.
In essence, fraudulent activity is expected to plummet, while investor confidence rises.
The Pi Network team also emphasized that users who fail to complete 2FA will have their tokens returned to their mining app.
How Will The Upcoming Pi Coin Unlocks Affect Price?
Despite the optimism, one major factor that could affect Pi Coin’s price is the scheduled token unlocks.
This unlock, which is scheduled for 21 March, will see approximately 21.2 million Pi Coins worth $42.39 million released into the mainnet.
Over the next 12 months, a total of 1.6 billion Pi (valued at around $1.88 billion) will also be released into circulation in a similar fashion.
Historically, large unlock events tend to lead to short-term price drops.
However, the announcement of strategic partnerships or even a burn mechanism could offset the impact of the token unlocks and prevent a major drop in prices.
Will Binance List Pi Coin?
One of the biggest questions among investors is whether Binance will list Pi coin. The exchange recently held a “Vote to List” campaign for new projects.
However, Pi was notably absent.
The exchange explained that the campaign was restricted to projects built on the BNB Smart Chain, explaining why Pi was missing.
Despite this setback, however, the Pi community remains hopeful. If Binance eventually decides to list the cryptocurrency, it could provide a major liquidity boost and fuel a price gain.
What’s Next For Price?
Pi Coin’s price has been turbulent since its launch. The cryptocurrency surged to $1.8 before plummeting below $0.65.
Soon after this, it surged to an all-time high of nearly $3 before experiencing another downturn.
At the time of writing, the cryptocurrency now trades at around $0.9, making a near-40% decline over the last 10 days.
Despite the ongoing bearish trends, many analysts believe that a rebound could be incoming.
According to the charts, Pi is now trading at the bottom of the descending channel illustrated above, and is looking towards a rebound from current price levels.
The 4-hour charts show that the cryptocurrency is now testing the $0.89 support level, which is crucial for a rebound.
If the bulls take action from this price level, Pi could see a comeback over the next few weeks.
Major speculation seems to be swirling around the mathematical constant π (3.14159), with analysts speculating that the cryptocurrency could see resistances around $3.14, $31.4 and $314 over the coming years.
However, such a valuation would require a market capitalization worth trillions.
In summary, Pi Network’s trajectory is highly uncertain. However, several key developments could support a rally.
For now, investors must keep an eye on major announcements from the Pi Network team.
If the team introduces more strategic updates like a burn mechanism or more exchange listings, Pi might have what it takes to hit the $3 mark in the near future.
