Pi Network’s token, PI, has emerged as a standout performer among the top 100 cryptocurrencies over the past week, witnessing a remarkable rise of nearly 40% in its value.

While some analysts predict further short-term gains, a recent factor may temper enthusiasm, hinting at possible declines ahead.

The Bears Are Approaching?

After enduring a lengthy downtrend, PI recently experienced a significant uptick, reaching up to $0.20 just days ago. At present, it trades around $0.18 (according to CoinGecko), indicating a solid recovery over both the past week and two weeks.

With a market cap nearing $1.7 billion, PI is now rated as the 47th largest cryptocurrency. This revival has drawn considerable attention, positioning PI among the trending tokens on CoinGecko.

However, the outlook may be shifting as the quantity of tokens moving to cryptocurrency exchanges has escalated sharply. In the last 24 hours, around 5 million PI have been moved to exchanges, bringing the total to approximately 427.1 million, with Gate.io holding the majority at over 50%. Bitget follows with about 145.2 million tokens.

PI Exchange Reserves PI Exchange Reserves, Source: piscan.io

While a transfer to centralized exchanges doesn’t necessarily signal an imminent price drop, it often indicates a potential bearish trend, viewed as preparation for a sell-off.

Furthermore, upcoming large token unlocks pose another concern for investors, as figures are expected to reach nearly 15 million daily before the end of February, although this pace is likely to slow after that.

New Push from Bullish Traders?

Despite these warnings, some in the community maintain that PI may be ready for a notable price surge soon. A user from X named Pi Network Academy suggested that the token is gearing up for another significant increase, forecasting a peak of $1.

Additionally, Pi Global posited that momentum is on the rise, utility is broadening, and community support is at an all-time high. They speculated that the coin could reach a valuation of $0.50 before the symbolic Pi Day on March 14, notable for its resemblance to the mathematical constant π (3.14).

Earlier this month, crypto analyst Captain Faibik disclosed that they had accumulated more PI for mid-term trading, anticipating a substantial rally of 500%.