Pi Network Price Forecast as Top Whale Buys Big Despite Token Unlocks

Pi Network price has remained in a narrow range this week despite some notable developments, including increasing whale buying and the ongoing network upgrade. It has formed a highly bullish chart pattern, pointing to an eventual parabolic move as the top whale continues buying.

Biggest Whale Continues to Buy Pi Coin as Key Catalysts Build

Data compiled by PiScan shows that the largest Pi Network whale is continuing to accumulate the token this month, a sign he expects it to rebound in the coming months.

The whale has bought tokens worth over $600k this month, bringing his total holdings to over 405 million. His assets are now valued at nearly $67 million.

This buying signals that he is still highly bullish on the coin despite the freefall that has cost investors billions of dollars since the mainnet launch last year.

Pi Network has achieved some major milestones, which explains why he may be optimistic about his accumulation. For example, the developers recently completed the second validator migration, reaching over 1 million people.

Pi Network Upgrade is Still Continuing

The network is also undergoing a major update that will eventually align it with the latest version of the Stellar Consensus Network. It recently completed the move to v21, with the next two versions set to be upgraded in the next two months.

This upgrade is important for Pi Network for several reasons, with the most important one being the introduction of smart contracts, which are self-executing programs.

The main impact of this introduction is that it will boost Pi Coin’s utility by enabling developers to build decentralized applications (dApps) in the network. Some potential areas are in decentralized finance (DeFi), non-fungible tokens (NFTs), and real-world asset (RWA) tokenization.

A good example of this is Ethereum, which derives its value from the fact that developers have built on top of it. This includes popular developers like AAVE, Uniswap, and Lido.

Also, it will now be possible to deploy stablecoins on Pi Network, which was impossible before.

Meanwhile, Pi Network has also continued to conduct the Know Your Customer (KYC) verification for over 18 million pioneers in the last few months.

Most recently, the developers have been leveraging artificial intelligence (AI) to accelerate the process. Eventually, the goal is to offer the verification to other companies as it seeks to compete with other popular players like Worldcoin and Humanity Protocol.

Another potential catalyst for the Pi Network is Chengdiao Fan’s upcoming speech at the Consensus event in New York. Last year, Pi Coin prices surged by triple digits ahead of this event.

Still, some major challenges may hinder its near-term rebound. For example, the network will unlock over 155 million tokens in the remainder of April and over 1.6 billion in the next 12 months. Token unlocks are usually bearish as they increase the amount of tokens in circulation.

The other main challenge is that the recent Kraken listing has largely backfired, as volume on the platform has dropped substantially since then.

Pi Network Price Technical Analysis Points to a Rebound

The daily timeframe chart shows that the Pi Coin has formed a highly bullish chart pattern during the ongoing pullback. It is slowly forming a falling wedge, a pattern composed of two descending, converging trendlines.

Pi has already moved above the upper side of the falling wedge pattern. In most cases, this pattern often leads to more gains over time.

The token’s Relative Strength Index (RSI) has turned around and is pointing upwards, while the two lines of the Percentage Price Oscillator (PPO) have made a bullish crossover pattern.

Therefore, the token will likely continue rising in the near term, with the next key target being at $0.2034, the upper side of the falling wedge pattern.