Pi Network eyes $1 as mega whale snaps up millions in tokens

Pi Network price could be on the cusp of a strong bullish breakout to $1 as one large whale continues his buying spree. 

Pi Coin (PI) was trading at $0.3427, a level where it has remained over the past few weeks. This price is a few points above the year-to-date low and much lower than its record high of $3.

Onchain data suggests that one large whale believes the coin is a bargain and that it will bounce back over time. This whale bought 3.7 million tokens on Monday, bringing his total holdings to 371.46 million tokens valued at over $127 million.

The on-chain data shows that the whale started the accumulation a month ago as the price consolidated. Whale purchases are one of the top ways to gauge whether a coin will rise or fall over time. In most cases, whales buy low and sell during peak periods.

This whale likely believes that the ongoing negative sentiment about Pi is unwarranted. Some of the sentiment is about the project’s continued token unlocks that have boosted its supply, claims that it is a ghost chain, and the lack of a major exchange listing since its mainnet launch.

The potential catalysts that may boost its price are a token burn announcement as OKB did recently, a listing by a top exchange like Upbit or Binance, and a major partnership.

Pi Network price technical analysis

Technicals suggest that the Pi coin price may surge soon. The most bullish case is that it has formed a large falling wedge pattern. This pattern comprises two falling and converging trendlines. These two lines have now converged, meaning that a bullish breakout is possible.

The other bullish catalyst is that the coin has formed a double-bottom pattern at $0.3380. Also, the coin may be in the accumulation phase of the Wyckoff Theory.

Therefore, the coin will likely have a strong bullish breakout this month, potentially to the psychological point at $1, which is 185% above the current level.