Top 4 Catalysts That Could Ignite Pi Network Price Comeback

Pi Network price has remained in a tight range over the past few days, as the recent rally has faded. The token was trading at $0.2300, up by 50% from its lowest level in October. Still, technical indicators suggest that the Pi Coin has more upside potential in the coming weeks.

Pi Network Price to Rebound as Whale Continues Buying

A mysterious whale has resumed buying Pi Network tokens after a long break. This renewed activity could act as a key catalyst for the Pi Network price. Data compiled by PiScan shows that the whale moved 364,944 coins from OKX 13 hours ago.

He also moved 437,320 coins on Monday, and 1.3 million tokens a day before that. This whale now holds 373 million coins, worth over $85 million. This makes it the largest holder after the Pi Core Team and the Foundation.

His recent purchases are notable because they happened after the coin crashed to a record low. This is costing him millions of dollars. The ongoing whale accumulation and his conviction are signs that the investor knows something that the rest of the market doesn’t.

For example, he expects a major exchange to list it soon, a move that will lead to more upside. He might be part of the team. He could know that the developers plan to announce a token burn or another major event.

Alternatively, the whale could be a trader who sees the Pi Coin as deeply undervalued. He may expect it to rebound strongly in the coming months.

Pi Network Ecosystem Growth

Another major catalyst for the Pi Network price is its shift from a ghost chain to a utility network. Early signs suggest growing adoption, and real-world use cases are beginning to emerge.

Hopes surged late last month after developers announced the first investment from the $100 million venture fund. The fund was originally launched in May this year to support Pi Network’s ecosystem.

The developers said that they had invested in OpenMind. It’s a company at the intersection of artificial intelligence (AI) and robotics. As part of the investment, the two companies launched a pilot project. They tested whether Pi node operators could support third-party platforms.

If successful, miners can make extra money by providing computations for third-party organizations. Another sign of ecosystem growth is the team launching the testnet for DEX and automated market makers (AMM).

This testnet enables users to experiment with features such as token swaps, liquidity pools, and other decentralized finance (DeFi) tools. Most importantly, the feature also has token generation tools, allowing users to create their own tokens.

Pi Network Upgrades May Boost the Price

Meanwhile, the developers have made several important upgrades that may help it become a better platform in the near term.

The most recent update on its node introduces some notable fixes, like those affecting node mining rewards, automatic updates, port verification, and easier access to the Pi App Studio. The other key upgrades are irs app studio preview and the ability to enable external links.

On top of this, the developers launched the Pi App Studio update, which makes it easier for developers to create applications.

Pi Network Price Technical Analysis Points to a Rebound

Technical analysis suggests that the Pi Network price has more upside in the near term. For one, it has created an inverse head-and-shoulders pattern on the daily chart.

This indicates further gains in the near term. This pattern’s head is at the all-time low of $0.1532, while the shoulders are at $0.20.

The token has also formed a falling wedge pattern, which is composed of two converging trendlines that are descending. It has already moved above the upper side of this pattern, confirming a bullish breakout.

Therefore, the coin is likely to continue rising as bulls target the next key resistance level at $0.50. It is approximately 120% above the current level.