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Will Pi Network reach $1 after a 19% increase?
Pi Coin is showing strong signs of bounce back ahead of the Pi2Day event. On June 25, the price increased by over 19%, reaching $0.63, while the trading volume surged by 153%, up to $285.65 million. At the same time, Pi Coin has also risen to the number 1 position in the list of the most sought-after coins.
Analyst Kim H. Wong remarked that this price increase is a significant milestone for Pi Coin, especially with Pi2Day just 3 days away. This event is expected to bring updates on project progress, ecosystem development, and AI integration.
If Pi breaks through the resistance level of 0.65 dollars, it could quickly advance to the range of 0.8 – 1 dollar. With a historical peak of 3 dollars and a recent bottom at 0.4 dollars, Pi Coin still has room for growth.
Analyst Joe Swanson added that this breakout is happening just as he predicted and could be just the beginning of a longer bullish trend, especially with Pi2Day 2025 approaching.
The technical chart shows short-term bullish signals
The Pi Network price chart currently shows an overall neutral trend, but there are short-term bullish signals. The short-term moving averages of 10, 20, and 30 days mainly give buy signals, indicating the potential for further increases. However, the longer-term moving averages of 50 and 100 days are still issuing sell signals, so the long-term trend remains weak at this time.
What to expect on Pi2Day?
The price increase of Pi Coin is occurring in the context of the community eagerly awaiting an announcement related to GenAI on June 28. At the same time, the Core Team is also expected to announce major updates related to the ecosystem. The activities of whales are also contributing to pushing the price up – a large wallet is believed to belong to an organization that purchased over 173 million dollars worth of Pi.
The community is currently awaiting the launch of the KYC Sync feature, which allows users to synchronize their identity (ID) between the Pi app and the Pi Browser. This move will bring millions of users closer to completing the transition to mainnet.
Is a correction approaching?
However, some analysts warn that the recent surge of Pi may not last long. Although FOMO sentiment and technical momentum are supporting the rally, a correction may occur. Indeed, the price of Pi has dropped 1.5% in the past 24 hours and is currently trading at $0.58.
!()https://img-cdn.gateio.im/webp-social/moments-ad133cf3776320e7dbe41e52b3482eeb.webp(Pi price chart 4 hours | Source: TradingviewNotably, over 268 million PI tokens will be unlocked in July, which is the largest unlocking event until 2027, potentially creating selling pressure on the price.
Analyst Dr. Altcoin recently stated that the ceasefire between Israel and Iran is a positive signal for Pi. According to him, the price is unlikely to drop below $0.4 and expects a slight bounce back to begin at the end of August, as the volume of unlocked tokens gradually decreases.
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