Pi Network (PI) Might be Headed for a 240% Rally (Analyst Explains Why)

TL;DR

• Analysts on X see signs that PI could skyrocket to $1.23 and even a new all-time high in the near future.
• Nonetheless, looming token unlocks and record exchange reserves above 445 million could add heavy selling pressure.

PI Pump on the Horizon?

Pi Network’s native token saw the light of day earlier this year, initially stunning the community with an impressive price rally that peaked at $3. Over the past several months, though, it has been on a substantial downfall, currently trading at around $0.36 (per CoinGecko’s data). 

Despite the plunge, some community members still believe that a rebound could be incoming. The popular X user JAVON MARKS infused additional optimism with their prediction that PI’s price might skyrocket by 242% to $1.23.

The analyst based the forecast on the thesis that the asset’s valuation has confirmed a hidden bullish divergence with the Moving Average Convergence Divergence (MACD), which could set the stage for the massive rally. 

MOON JEFF – an X user who frequently touches upon Pi Network and its cryptocurrency – also made an optimistic prediction. He thinks the asset is still in the accumulation zone, envisioning a pump to a new all-time high sooner or later.

“One thing is for sure: a breakout will happen, and it will send it higher. Accumulate and don’t miss the lows,” he suggested.

It is important to note that some important factors may hamper the bull run envisioned by the aforementioned analysts. Over 140 million tokens are scheduled for unlock in the next 30 days, while the amount of PI coins stored on exchanges continues to rise, hitting a fresh all-time high above 445 million. These developments don’t guarantee a mass exit but increase the immediate selling pressure.

Recent Pi Network Updates

Contrary to the price decline of PI, the project behind the cryptocurrency keeps advancing the ecosystem. Earlier this week, the team revealed that the upgrade from protocol v19 to v23, covering Testnet, Testnet2, and Mainnet, remains on track. Moreover, the Testnet has been successfully upgraded to v22. 

The development’s ultimate goal is to improve network performance and stability. Version 23 is based on Stellar v23 and is custom-made for Pi Network. Its implementation should provide Pioneers with additional control and functionalities, including Know-Your-Customer (KYC) authorities.

Pi Network, which has surged in popularity over the past few years, may become even more viral next month. This is because Dr. Chengdiao Fan – one of the project’s founders – will be a speaker at the major crypto conference TOKEN2049 in Singapore.

The event will take place at the start of October and will be attended by some of the most influential people from the industry, such as Tether’s Paolo Ardoino, Binance’s Richard Teng, Bitmine’s Tom Lee, Maelstrom’s Arthur Hayes, Tron’s Justin Sun, and many others.