Pi Coin Price Jumps 16% In A Day As Price Eyes Breakout

Key Insights:

• PI coin value was up 16% in the past 24 hours, showing some strength.
• Pi Network price was trading at $0.40, and the next resistance was above it at certain levels when writing.
• PI’s historical data showed created wallets, transferred tokens, circulating, and locked PI coins.

Pi coin price reclaimed the $0.40 level as most cryptocurrencies gained momentum from the recent market recovery. Pi Network had surged by more than 16% in a day when writing.

This happened as the broader market gained more than 1%. This was the second consecutive day the crypto market rose following a dip in the previous week.

The daily volume was at $205 Million, a 186% jump. These gains followed a long consolidation in July and the first week of August. The Pi Network community has been underwater since the crash that followed the launch of the mainnet.

However, analysts were divided on PI’s potential, especially now that the crypto markets were recovering.

What Are The Potential Targets For PI Coin Price?

A community named Pinetworkmembers noted on X that the altcoin was facing a moment of truth. The community defined the current position of Pi coin price as, “It’s either die or fly from here !!!”

The comments came as the PIUSDT attempted to break above a descending resistance. However, a successful retest followed by momentum and new buyers was necessary for the price to fly.

The slowdown in token unlock and whale accumulation fueled the current run. A whale wallet purchased 350 million PI coins valued at $141M. This instilled confidence in holders who were losing their gains realized immediately after the mainnet migration.

CryptoOG seconded the potential of hitting $0.5143 on CoinMarketCap. The analysts noted that the Pi Network would likely enter wave 5 if it broke and held above $0.44. However, the Pi coin price could briefly dip below $0.40.

Experts And Community Views on Mainnet Progress And PI Coin Price

Community voice, Mr Spock continued his mobilization toward a user-satisfying blockchain. Mr Spock and most community members pushed for supply cuts to help reduce selling pressure.

He urged the community to push the Core Team to launch a precise mechanism for reducing supply. In response, the community suggested a permanent burn of all transaction fees and the start of buybacks. This was to enable price stability.

Mr Spock noted that some pioneers fully supported him, while a few criticized him. This followed a suggestion to introduce utility-based mining.

Also, rewarding active builders with unused tokens would drive faster progress. Pi Network progress has been sluggish for the last 6 years, according to some community members. They requested that the Core Team address the issue.

A member, Varangian Observer, noted that it felt good to see PI coin price gains among the trends in the crypto markets. Also, as per OKX, the sentiment in the community was bullish with a reading of 70%. There was no bearish sentiment, but 30% held a neutral stand.

The traction was centered around the new payment system and practical blockchain applications. Despite this sentiment, a few voices on X (formerly Twitter) had lost hope in the PI coin price value.

Historical Data of PI Network

Historical data on Pi Network showed more than 6.071 Million were created before the mainnet launch. The total transferred PI coins were 4.215 Billion, with pioneers responsible for 2.215 Billion. The circulating supply of PI was about 7.81 Billion with more than 3.261 Billion already locked.

With a total supply of 100 billion, the unlocks were far from over, which continued to worry the community. This was the main reason behind the rallying call on supply influencing price.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.