Pi Network Price Jumps Ahead of Miami Consensus Event

Pi Network price continued its recent rally. The token reached its highest level in over a month as traders anticipated the upcoming Consensus event in Miami.

It also rose as the top whale continued his buying spree, a sign that he expects it to keep rising. It has jumped by nearly 20% from its lowest level this month.

Pi Network Price Jumps Ahead of Consensus Event

Pi Coin is one of the best-performing tokens this week, helped by the upcoming Consensus event in Miami.

This is an important event where top officials in the crypto industry will talk. The names include Changpeng Zhao, Brad Garlinghouse, and Michael Saylor. Other than them, Donald Trump Jr and, Eric Trump, and the head of the CFTC will be there as well.

Chengdiao Fan and Nikolas Kokkalis are also present on the list of keynote speakers. According to the schedule, their presentations would include artificial intelligence and digital verification.

In particular, they will talk about how the network has continued to verify over 18 million members through the KYC process.

In a recent statement, they noted that the network was considering launching a KYC-as-a-Service. It will compete with Sam Altman’s World and Humanity Protocol.

The ongoing Pi Network price rally mirrors what happened last year ahead of the same event. At the time, the team teased that it would make a major announcement during the event.

The eventual news was the Pi Network Ventures launch, which has $100 million to invest in companies. This fund has already invested in companies like CiDi Games and OpenMind.

CiDi Games aims to become the biggest player in its gaming infrastructure. OpenMind, on the other hand, is one of the fastest-growing players in the AI and robotics industry.

Still, the challenge is that the ongoing rally may become a sell-the-news event. The same thing was experienced last year when the coin soared and then crashed after the event happened.

Another example is what happened recently after the Kraken listing and Pi Day. After soaring by triple digits, the token crashed by over 40% within a few weeks.

Whale Buying, Network Upgrade, and Smart Contract Rollout

Pi Network price is also rising amid several catalysts. One of these catalysts is the ongoing whale buying. This has continued in the past few weeks.

The biggest whale has brought millions of tokens in the past few weeks. Now, it holds 412 million tokens valued at over $80 million. His last purchase happened three days ago when he bought 885k coins worth $171k. He has bought over 7 million tokens this month.

The network is also going through a major upgrade to align it with Stellar’s protocol 23. One of the main benefits of this is that it will introduce smart contracts to the network. This makes it a good competitor to popular chains like Ethereum and Solana.

The network has already launched a trial smart contract based on subscriptions. In the future, there will be decentralized finance (DeFi), gaming, and non-fungible token (NFT) projects on the network. That will give it more utility.

Pi Network Price Technical Analysis

The daily chart shows that the Pi Coin price has rebounded in the past few days. At press time, it was hovering at its highest point since March. This rebound happened after it formed a double-bottom pattern whose neckline is at $0.2974. That’s its highest point in March this year.

The coin has already flipped the 50-day Exponential Moving Average (EMA) from a resistance into a support. Also, it has flipped the Supertrend indicator from red to green.

Therefore, the token will likely continue rising as bulls target the next key resistance at the $0.25. It will then retreat next week as investors sell the news.