Pi Network Price Remains in Tight Range as Recent Rally Fades
Pi Coin (PI) is currently trading at $0.2240, maintaining a tight range that it has held over the past few days. Despite this stability, the token has experienced a significant decline, plunging over 90% from its highest point earlier this year. However, signs suggest that Pi Coin could be on the verge of a rebound after forming a bullish technical pattern and seeing renewed interest from a major whale investor.
### Whale Accumulation Signals Potential Upside
Data from PiScan reveals that the largest Pi whale, who paused buying for two months, has resumed accumulating tokens. Over the last nine days, this anonymous investor purchased more than 5.3 million tokens, bringing their total holdings to over 371 million Pi Coins—worth approximately $82 million at current prices. Despite incurring over $40 million in losses during the coin’s recent decline to a record low in October, the whale’s fresh buying activity could indicate confidence in a forthcoming recovery.
### Positive Developments from the Pi Network Team
Another potential catalyst for Pi Coin’s recovery lies in the recent progress made by the development team. The $100 million ecosystem fund, launched in May, has begun to be deployed, fueling several promising initiatives:
– **Investment in OpenMind:** Pi Network invested in OpenMind, a company specializing in AI and robotics. Together, they conducted a trial allowing pioneers to support the training of AI models, highlighting Pi’s push into innovative technology.
– **Testnet Launch for DeFi Applications:** Pi Network launched a testnet designed for decentralized exchanges (DEX), liquidity providers, and automated market makers (AMMs). This development sets the stage for the eventual launch of these features on the Pi blockchain’s mainnet.
– **AI-Based KYC Verification:** To streamline user verification, Pi Network introduced an AI model that fast-tracks the Know Your Customer (KYC) process. This system has already processed millions of user verifications over recent months, enhancing platform security and user trust.
### Technical Analysis: Bullish Signals Emerge
From a technical standpoint, Pi Coin shows promising signs on the daily chart. The token had been under prolonged pressure but recently formed a falling wedge pattern—widely recognized as a bullish reversal signal. Importantly, Pi has broken above the upper trendline of this wedge and completed a break-and-retest move, further confirming potential upside momentum.
Additional bullish indicators include a positive divergence in the Relative Strength Index (RSI) and the Percentage Price Oscillator (PPO), both trending upwards in contrast to recent price action.
### Price Targets and Risks
Based on these factors, Pi Coin is likely to rebound, with a near-term resistance target around $0.50—approximately 127% above its current trading level. However, traders should remain cautious; a drop below the all-time low of $0.1493 would invalidate the bullish outlook and could signal further downside risk.
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Overall, renewed whale buying activity, recent development milestones, and favorable technical patterns suggest that Pi Network’s token could be poised for a significant rebound in the coming weeks or months. Investors should watch key support and resistance levels closely to gauge market sentiment moving forward.
https://crypto.news/pi-network-price-eyes-rebound-as-top-whale-resumes-buying/
