Pi Network Price Forecast Shows Bullish Potential as PI Gains Momentum
Pi Network’s PI token is attracting renewed attention as it edges higher following a notable 4.92% rise from Wednesday. At press time on Thursday, PI trades at $0.3653, slightly retracing from its recent high of $0.3747. Technical indicators and exchange reserve movements suggest a bullish bias for the token, signaling increased investor interest in the ecosystem ahead of the Pi Hackathon 2025, the first major hackathon since the launch of the Open Network.
Data from PiScan reveals significant outflows from centralized exchanges (CEXs) over the last 24 hours. CEX wallet balances recorded a withdrawal of 5.14 million PI tokens, reducing reserves to 409.55 million tokens. This accounts for a 1.24% decrease in CEX holdings, reflecting a surge in demand as investors move tokens off exchanges, likely in preparation for participation in Hackathon 2025. The outflows demonstrate growing confidence in PI and highlight the increasing utility of tokens within the network ecosystem.
Technical analysis further reinforces the bullish narrative. PI has been rebounding from the $0.3442 support level, forming a potential double bottom reversal pattern. This setup, first tested on August 6, suggests that the token may target the 50-day Exponential Moving Average (EMA) at $0.4319. A decisive close above this level could strengthen bullish sentiment, positioning PI for further gains toward the $0.50 psychological level.
The Relative Strength Index (RSI) currently reads 42 on the daily chart, inching closer to the midpoint as buying pressure recovers. The RSI shows a bullish divergence compared to the prior dip at the $0.3442 support level, indicating that momentum is gradually shifting in favor of buyers. While the Moving Average Convergence Divergence (MACD) line and its signal line remain merged and moving sideways, signaling a temporary loss of decisive trend momentum, other indicators support a positive outlook for PI.
The overall price action of PI also hints at a breakout from a rising channel pattern. The token has extended its recent gains by nearly 1.50% at press time on Thursday, following the strong upward move from Wednesday. The rising channel aligns with the resistance trendline of a previously falling channel, suggesting that a clear breakout above key resistance levels could catalyze further bullish momentum.
Investors should note, however, that a reversal below the $0.3442 support level would invalidate the double bottom reversal pattern. Should this occur, PI may face downside pressure toward the $0.3220 support level, which aligns with its all-time low. While the bullish case appears strong, traders are advised to monitor both technical levels and on-chain activity for signs of trend continuation or reversal.
The surge in PI demand appears closely tied to the ecosystem’s first hackathon after the Open Network launch. The event is expected to attract developers and participants who may be acquiring PI for in-network activities, further reducing exchange balances and creating upward price pressure. These dynamics underscore the growing real-world utility of PI tokens beyond speculative trading, highlighting the ecosystem’s evolution toward a functional blockchain network.
CEX outflows, double bottom patterns, and RSI divergence collectively indicate that the market is positioning for a potential rally. Historical patterns suggest that tokens demonstrating these signals often experience sustained upward momentum once key technical levels are breached. For PI, the $0.4319 EMA and the $0.50 psychological target serve as critical milestones for confirming bullish continuation.
In conclusion, Pi Network’s PI token shows signs of bullish potential amid RSI divergence, double bottom formations, and significant CEX outflows. The upcoming Hackathon 2025 may act as a catalyst for further demand, supporting the token’s upward trajectory. Investors and traders should watch key support and resistance levels carefully, as a sustained breakout could pave the way for PI to test higher price zones, potentially reaching $0.50 in the near term.
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