12,000,000 PI in a Single Day: What’s Going on With Pi Network?
The cryptocurrency market has been booming lately, with Bitcoin (BTC) reaching a new all-time high price of nearly $126,000.
However, Pi Network’s PI has so far struggled to catch this green wave, remaining stuck in red territory. In the following lines, we’ll explore why a long-awaited comeback rally could finally be on the horizon.
The Bears Could Capitulate
PI currently trades at around $0.26, representing a 24% decline on a monthly scale and a 90% crash from the peak of $3 registered earlier this year. Some important indicators, though, signal that the pain for the bulls might be over soon.
The first one is the diminished amount of tokens stored on crypto exchanges. Investors have transferred over 12 million PI to self-custody wallets within the past 24 hours alone, as nearly all of these were withdrawn from OKX. The development demonstrates increased confidence in the asset, resulting in reduced selling pressure.
Next on the list is PI’s Relative Strength Index (RSI), which dropped below 30. The technical analysis tool measures the speed and magnitude of recent price changes to give traders an idea about potential trend reversals. Ratios around and below 30 signal that the asset could be oversold and poised for a rally. Conversely, readings beyond 70 are seen as a warning for a short-term correction.
Last but not least, we will touch upon the upcoming token unlocks. Data shows that less than 120 million PI will be released in the next 30 days, which is far less than the amount freed up in the previous months.
Price Predictions
Despite the free fall in the last months, some analysts remain optimistic that PI could post substantial gains in the foreseeable future. A few weeks ago, X user JAVON MARKS claimed the price could surge by triple digits to as high as $1.23. Those willing to explore additional bullish forecasts can take a look at our dedicated article here.
The analyst with the moniker Korasi Nakamoto, though, is in the pessimists’ corner. Earlier this month, he assumed that a break below $0.25 could trigger a 30% collapse to a new all-time low of $0.18.
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