The cryptocurrency market is experiencing significant movement, highlighted by Bitcoin (BTC) reaching an impressive new all-time high near $126,000. While Bitcoin thrives, the Pi Network’s cryptocurrency, PI, has lagged, remaining in the red zone. Here are some reasons to consider a potential rebound for PI in the near future.

Potential for a Price Increase

Currently priced at approximately $0.26, PI has seen a 24% decline over the past month, and a staggering 90% drop from its peak of $3 earlier this year. Despite this, several key indicators suggest relief may be on the horizon for investors.

One major sign is the noticeable decrease in tokens held on exchanges. In just the last 24 hours, over 12 million PI tokens have been transferred to self-custody wallets, mostly withdrawn from OKX. This trend signals growing investor confidence and a reduction in selling pressure.

Furthermore, PI’s Relative Strength Index (RSI) has fallen below 30, traditionally indicating that the asset is oversold and may be primed for a rally. An RSI reading around or below 30 often suggests a price recovery could be imminent, while values above 70 hint at possible corrections.

PI RSI Data

Image showing the Relative Strength Index for PI.

Additionally, upcoming token unlock events show that less than 120 million PI will be released over the next month, significantly lower than previous unlocks.

Market Predictions

Despite recent setbacks, some analysts remain hopeful about PI’s future. Recently, JAVON MARKS predicted the price could skyrocket by triple digits, reaching as much as $1.23. Conversely, analyst Korasi Nakamoto has expressed pessimism, cautioning that a drop below $0.25 could lead to a further decline to new lows of $0.18.

Conclusion

As the market evolves, keeping an eye on these developments will be crucial for potential investors and stakeholders in the Pi Network.