Pi Network price eyes $1 breakout as key catalysts align

After plummeting from a $20 billion market cap to just $2.7 billion following its February mainnet launch, Pi Coin’s price could surge to $1 in September, driven by several key catalysts—including a crucial network upgrade and growing institutional interest.

Pi Network price catalysts for September

Pi Coin (PI) is on the cusp of a significant price move, trading at $0.366 on Saturday, Aug. 30, slightly above its recent low of $0.3167. Its market value has plunged from nearly $20 billion after its mainnet launch in February to $2.7 billion. 

The Pi coin value could jump to $1 in September, driven by several key catalysts. First, Pi Network will launch a crucial network upgrade as part of Stellar’s movement to Protocol 23. Pi, which utilizes the Stellar Consensus, will upgrade from version 19 to 23, enabling additional functionality for the network. 

One of the top functionalities is that the upgrade will allow the KYC authority to be assigned in the future. In other words, it will provide a more distributed and community-driven KYC process. The upgrade will also make it easy for developers to build and launch apps on the Pi Network.

The other potential catalyst is the potential institutional interest in Pi. For example, Valour, a company with over $1 billion in assets, became the first one to launch a PI ETP in Sweden. 

This institutional adoption may also prompt at least one major crypto exchange, such as Coinbase and Binance. An exchange listing would lead to a parabolic move as some tokens like Story and Ethena. 

Pi Network price will also benefit from macro factors, such as the potential interest rate cuts by the Federal Reserve. Historically, these cuts have led to greater gains among riskier assets, such as cryptocurrencies and stocks. 

Pi Coin price has strong technicals

The other main catalyst for the Pi Network price in September is that its technicals are highly supportive. Its daily chart shows that it has formed a double-bottom pattern at $0.3167, its lowest level on Aug. 1 and 25, and a neckline at $0.4646. A double-bottom is a common bullish reversal sign. 

Pi Network price has also formed a falling wedge pattern and is in the accumulation phase of the Wyckoff Theory. A wedge is formed by two descending and converging trendlines, potentially resulting in a breakout to the psychological point at $1, which is over 180% above the current level.