Pi Network Price to Surge Amid Whale Buying, New KYC Upgrade

The ongoing Pi Network price consolidation could be the calm before the storm as clear fundamentals and technical catalysts align. Pi Coin has been stuck at $0.3567 in the past few months, down sharply from the all-time high.

Pi Network Price Chart Analysis Points to a Rebound

The daily timeframe chart shows that the Pi Network price has moved sideways in the past few months, lacking a clear catalyst to push it higher.

It has ignored the ongoing surge in the Altcoin Season Index and some notable ecosystem news, including launching a $100 million ecosystem fund and entering the artificial intelligence industry.

The coin has remained steady at $0.3570 and oscillates at the 50-day and 100-day Exponential Moving Averages (EMA).

At the same time, the three lines of the Bollinger Bands indicator have narrowed, and the Average True Range (ATR) indicator has slumped. These indicators suggest that the volatility has dried up.

There are also signs that the Pi Network price is in the accumulation phase of the Wyckoff Theory. This theory identifies four stages that assets go through: accumulation, mark-up, distribution, and markdown.

Sideways movements and low volume characterize the accumulation phase. It is then followed by the markup phase, where a single trigger pushes it parabolic.

Some cryptocurrencies have experienced this performance in the past few weeks. Most notably, the OKB price surged after the developers announced a token burn that reduced its supply substantially.

Pi Coin price has formed a falling wedge pattern, normally leading to a strong bullish breakout. The Bollinger Bands Trend (BBTrend) indicator has formed a bullish divergence and is about to cross the zero line, which is a bullish sign.

All these technicals suggest that the value of Pi may rebound and hit the important resistance at $1, which is much higher than the current level.

Whale Buying is a Catalyst for the Value of Pi

There is a likelihood that something big is going on behind the scenes that may push the coin much higher in the coming weeks.

That’s because one mysterious whale has ignored the negativity and continued to accumulate the coin. He moved 1.75 million coins from OKX on Thursday, bringing the total holdings to 378 million worth about $134 million.

This whale could be someone with inside information on an upcoming event that will increase the price. For example, he likely knows that a major exchange is planning the Pi Network listing, which will boost the price.

Alternatively, the whale likely knows whether the developers will announce a major token burn to reduce the supply, a move that would push it higher.

A key event where a major announcement will happen is the upcoming TOKEN2049, where Pi Network’s founder will talk. In the last major event, the team announced the launch of the $100 million venture fund.

Pi Network Upgrade and KYC Acceleration

The Pi Network price could also rise as the team continues working on key upgrades. One of the most important upgrades is one and that moves it from Protocol 19 to Protocol 23 of the Stellar Consensus.

This upgrade will bring in more features to the network, including decentralized on-chain KYC, support for Linux nodes, and improved node synchronization.

Meanwhile, in a statement, the team added a new Fast Track KYC feature, enabling new pioneers and non-users to participate earlier in the mainnet.

For example, in the past, new users were required to complete at least 30 mining sessions to qualify for standard KYC applications. This barrier has now been removed.

Summary

Sentiment of the Pi Network token has worsened in the past few months, which explains why the price has plunged. This decline may be a strategic entry point for the coin as whale accumulation accelerates.