Pi Network’s PI Dominates the Altcoin Market, But Bears See Storm Coming

Painful Drop or a Bull Run to $1: What’s Next for PI?

While some market observers anticipate additional gains in the near term, one factor could dampen their enthusiasm by pointing to another decline.

Are the bears coming back?

PI has finally managed to reverse the massive downtrend of the past few months, rebounding to $0.20 a few days ago. Currently, the price is trading around $0.18 (according to CoinGecko data), putting it well in green territory over a seven-day and two-week time frame.

With a market capitalization that has risen to around $1.7 billion, the asset now ranks as the 47th largest cryptocurrency. The apparent recovery has brought PI back into the spotlight, making it one of the most popular tokens on CoinGecko lately.

However, the good days may be coming to an end as the number of coins stored on crypto exchanges has surged. In the last 24 hours alone, nearly 5 million PI were transferred to such platforms, bringing the total to approximately 427.1 million. More than half of that is held on Gate.io, while Bitget comes in second with around 145.2 million tokens.

While the shift from self-management to centralized exchanges does not guarantee a price correction, it is often seen as a bearish signal as it could be interpreted as a pre-sell move.

The aggressive token unlocks planned for the coming days should also serve as a warning to investors. Data shows that daily figures will approach 15 million several times before the end of February. However, after that the process will slow down.

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New impetus from the bulls?

In contrast to the above factors, some community members believe that PI is on the verge of a more serious increase in the near term. X user Pi Network Academy argued that the assets are “warming up for another big pump,” predicting a boom to $1.

For their part, Pi Global claimed that “momentum is increasing, utility is increasing, and the community is stronger than ever.” That said, they wondered if the coin’s valuation could reach $0.50 before Pi Day. The date (March 14) is symbolic for Pi Network because it looks like it the mathematical constant π (3.14).

Earlier this month, X user Captain Faibik also joined in. The renowned crypto analyst revealed that they added some medium-term PI, expecting a 500% rally.