Pi Coin price remains in a narrow range, continuing a consolidation that started in the second week of December last year. It trades at $0.2100 today, Jan. 7, a level that is much lower than the all-time high of over $3.6. Still, the token may soon stage a comeback as its biggest whale continues his accumulation.
Pi Coin Price Could Rebound as Top Whale Continues Buying
Pi Network price continued its consolidation this year and has not anticipated in the recent crypto market rally. One reason for this stagnation is that demand has waned, and the Pi token unlocks have continued this year.
Data shows that Pi had a 24-hour volume of $11 million, making it one of the least traded tokens in the top 50. Its volume is also tiny considering that its market capitalization stands at over $1.76 billion.
However, Pi’s biggest believer continues to accumulate it this year. He has started making his purchases of the year this week. He moved 313,565 tokens to OKX on Monday and 391,174 from OKX to a self-custody wallet.
This accumulation has brought his total holdings to over 391.5 million coins. His holdings are now valued at over $82 million, making him the biggest holder. It also means that the investor may get to 400 million tokens in the coming months.
The whale likely believes that the token will rebound. One possible reason that may trigger a comeback would be an exchange listing by one or more tier-1 companies.
Another potential catalyst is the upcoming protocol 23 upgrade and the launch of the DEX and AMM mainnet this year. While the launch will be important, the most significant event will be their activity and volume.
However, there are signs that some whales have started selling their coins. PiScan data shows that there are now 21 whales, down from last week’s high of 23.
Pi Network Price Technical Analysis
Technicals suggest that the Pi Network price may be on the cusp of a big bullish breakout in the near term. It has settled slightly above the key support level at $0.1942, its lowest level on October 11 and 17, and December 16 last year. It has resisted moving below that level, forming a double-bottom pattern.
The token is also in the accumulation stage of the Wyckoff Theory. This phase is normally followed by the markup, where an asset normally goes parabolic. A good example of this was the Zcash price surge that happened in the fourth quarter. This rally happened as it remained in the consolidation stage for years.
Pi Coin Price Chart
Therefore, the most likely Pi Network price forecast is bullish as long as it is above the key support level at $0.1942. If this happens, it may jump to $0.2500, up by
A drop below that level will point to further downside as it will be a sign that bears have prevailed.
Pi Coin Price Eyes Rebound to $0.25 as Top Whale Nears 400M Milestone
