Pi Network Price Holds Steady as Recent Rally Fades, But Bullish Signs Emerge
The Pi Coin (PI) token has been trading in a tight range around $0.2240 over the past few days, following a significant decline of over 90% from its highest point this year. Despite the recent lackluster performance, there are growing indications that Pi Network could be on the cusp of a rebound.
One noteworthy development is the renewed activity of a top whale investor. According to data compiled by PiScan, the largest Pi whale—who paused buying for about two months—has resumed accumulating tokens, purchasing over 5.3 million PI in the last nine days. This investor currently holds more than 371 million tokens, valued at over $82 million. Although they faced over $40 million in losses during the coin’s plunge to a record low in October, their recent buying spree suggests an expectation of an upcoming price recovery.
Fundamental Developments Fuel Optimism
The Pi Network team has made some significant strides recently that could serve as catalysts for a price rebound. Since launching a $100 million ecosystem fund in May, they have begun deploying capital strategically.
One major investment was made in OpenMind, a company specializing in AI and robotics. This partnership has enabled Pi pioneers to support the training of OpenMind’s AI models through a collaborative trial program.
Additionally, Pi Network launched a testnet focused on decentralized exchanges (DEXs), liquidity providers, and automated market makers. This move paves the way for these exchanges to operate on the Pi blockchain once the mainnet is fully live.
The network has also introduced an AI model designed to accelerate the verification process for pioneers. This model has successfully conducted Know Your Customer (KYC) processes on millions of users over the past few months, further strengthening the ecosystem’s credibility and usability.
Technical Analysis: Bullish Signals Surface
From a technical perspective, Pi Network’s price action shows promising signs of a reversal. Over recent months, the token has been under sustained selling pressure. However, on the daily timeframe, a falling wedge pattern—a classic bullish reversal indicator—has formed.
Importantly, Pi has already broken above the upper boundary of this wedge, confirming a break-and-retest pattern. The Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO) are also trending upward, creating a bullish divergence that supports the likelihood of a price bounce.
If the rebound materializes, Pi Coin could target a resistance level near $0.50, representing roughly a 127% gain from current prices. However, traders should watch closely for a drop below the all-time low of $0.1493, which would invalidate this bullish outlook.
Conclusion
While Pi Network has experienced a sharp decline this year, recent whale buying activity, strategic investments, and positive technical patterns suggest potential for a price recovery. Investors and pioneers should stay informed as the project continues to develop its ecosystem and prepare for the launch of key functionalities on its mainnet.
https://bitcoinethereumnews.com/tech/pi-network-price-eyes-rebound-as-top-whale-resumes-buying/