Pi Network (PI) can be on its way to a rally of 240% (analysts explains why)

Tl; Dr.

• Analysts on X see signs that Pi will rise to $ 1.23 in the near future and even a new of all time.
• Nevertheless, threatening token can unlock and add record exchange reserves above 445 million heavy sales pressure.

Pi Pomp on the horizon?

Native Token of Pi Network saw the daylight Earlier this year, the community initially surprised the community with an impressive price rally that peaked $ 3. In recent months, however, it has been a substantial one fallCurrently acting with around $ 0.36 (per data from Coingecko).

Despite the dive, some members of the community still believe that a rebound can be incoming. The popular X user Javon Marks penetrated Extra optimism with their prediction that the price of PI could rise by 242% to $ 1.23.

The analyst has based the prediction based on the dissertation that the appreciation of the active has confirmed a hidden bullish divergence with the advancing average convergence divergence (MACD), which could form the stage for the massive rally.

Moon Jeff – an X user who often touches Pi -Network and his cryptocurrency – Also made An optimistic prediction. He thinks that it is still in the accumulation zone and sooner or later has a pump to a new all time in mind.

“One thing is certain: there will be an outbreak and it will steer it higher. Accumulate and will not miss the lows,” He suggested.

It is important to note that some important Factors can hinder the bull run proposed by the previously mentioned analysts. More than 140 million tokens are planned for unlocking in the next 30 days, while the amount of PI coins stored at fairs continues to rise, scale A fresh of all time high above 445 million. These developments do not guarantee a massive output, but increase the immediate sales pressure.

Recent PI network updates

In contrast to the price fall in PI, the project behind the cryptocurrency continues to make progress The ecosystem. Earlier this week, the team unveiled That the upgrade from Protocol V19 to V23, with regard to TestNet, Testnet2 and MAINNET, remains on the circuit. Moreover, the test network has have been successfully upgraded To V22.

The ultimate goal of the development is to improve network performance and stability. Version 23 is based on Stellar V23 and is tailor-made for PI network. Its implementation must offer pioneers extra control and functionalities, including the authorities of Know-Your-Customer (KYC).

Pi Network, which has risen in popularity in recent years, can become Even more viral next month. This Is because Dr. Chengdiao fan – one of the founders of the project – will be a speaker at the Major Crypto Conference Token2049 in Singapore.

The event will take place at the beginning of October and will Is attended by some of the most influential people from the industry, such as Tether’s Paolo Ardoino, Binance’s Richard Teng, Tom Lee van Bitmine, Arthur Hayes of Maalstrom, Tron’s Justin Sun and many others.