Today, the crypto market has been showing mixed performances as some coins are surging while some are dropping in value. Pi Network’s price currently stands at $0.6317 with a nearly 0.90% daily decline. Moreover, the weekly price performance of the Pi coin is not positive, as it shows a 15.30% 7-day decrease. However, there has been some recent Pi news that could turn the price trend bullish. A recent report shows that Pi Network whales have been making moves and have started to accumulate this token now.
Why Did Pi Whales Move $27 Million in Pi Coins?
As per the market data, Pi Network whales have recently moved around 41 million Pi Coins to a wallet. Based on a community page’s report, which revealed this data, this is approximately $27 million. This transfer was done on two separate days, while another 13 million token movement was also recorded. This smaller accumulation was done using the OKX exchange, and the coins were transferred to several other wallets. An increase in accumulation by whales could be a signal for an incoming Pi price surge. This could also be a sign that now Pi Network whales have enough confidence to start holding this token.
Such large withdrawals and outflows can also cause an increase in buying pressure by decreasing the exchange supply. Another bullish fundamental development is a possible new listing for the Pi coin. This possibility comes from a recent social media post from the official HTX exchange page. In this post, the exchange shared a picture with a small logo of the Pi token in the background. As such, now community members have begun speculating about this bullish Pi news.
Is There Still Hope for Pi Price Growth?
Although these positive news stories present hope for the Pi price to start rising, the community sentiment is bearish. As such, the Pi team needs to address the current problem of ongoing token unlockings, which have increased the selling pressure in the recent downtrends. Based on Piscan’s data, nearly 1.5 billion tokens are scheduled to be released in the next 12 months. This equals 130 million a month, which is nearly worth $83 million at the current price. Additionally, the Pi development team controls most of the token supply, which presents the risk of a sudden crash.
Is Pi Network Gearing Up for a Breakout Above $0.645?
The current price action shows that the token has experienced a volatile week and is consolidating. This started with a sudden decline in the Pi price from the recent high of $0.75. As of now, the price is steadily trading at nearly $0.63 and is showing a low trading volume.
As per the PI/USDT daily chart, the current RSI for the Pi token is around 47, which shows a neutral price trend. Additionally, we also have a weak ADX of 20, which reaffirms the consolidation of the current price. The Pi token is likely to continue trading in the range of $0.625 to $0.645. However, if the $0.645 resistance is broken, a Pi price surge to the $0.68 resistance can be expected.
Are Big Players Preparing for a Major Pi Rally?
As such, the current market is in a slump; however, Pi Network whales are starting an accumulation trend. This historically can signal that an increase in Pi tokens’ value might be on the way. However, this could also be big investors buying in the dip without any special meaning behind it. As such, investors are advised to keep updated with the current news regarding the Pi market movement.
Source: Coinfomania / Digpu NewsTex