Pi Network Poised for Rebound as Whale Buying Intensifies
Pi Network’s token could soon witness a surge in value thanks to increased interest from big investors and favorable market conditions.
A prominent whale investor views Pi Network at an favorable price point following a notable drop. Over recent weeks, this investor has been voraciously accumulating the coins, daily injecting thousands of dollars into boosting their holdings. On a particular Thursday, they purchased 441,549 tokens worth approximately $156,043. Just 24 hours earlier, the same investor had acquired 1.573 million coins. These transactions have swollen their total stake to an impressive 373.78 million coins,worth around $132 million.
Their strategy appears contradictory given Pi’s dramatic decline as launching on its mainnet. Yet, their bullish stance might foreshadow a price recovery, perhaps triggered by a future exchange listing or token burn event.
- New altcoin season looming
- Federal Reserve interest rate cuts expected
These factors can fuel risk appetite, leading to positive movement across many altcoins. Strikingly, the Altcoin Season Index has climbed to 78, suggesting an upswing for various coins, including Pi.
On a technical note, the 12-hour chart reveals a promising double-bottom setup near $0.3321. The neckline hovers at $0.4652. The Relative Strength Index exhibits a bullish divergence pattern, exceeding the pivotal point of 50.
All signs point toward a potential Pi Network rebound, possibly propelling its price 32% higher towards the critical resistance at $0.4652.
