Key Insights:
- Pi Network price may surge soon as one whale boosts his accumulation.
- Dr. Chengdiao Fan will make a rare appearance at the TOKEN2049 event in Singapore.
- Pi Coin price has formed numerous bullish chart patterns on the eight-hour timeframe.
Pi Network price has plunged this year and is stuck in a tight range this month as demand wanes and the daily token unlocks continue. This crash could end soon as Chengdiao Fan, its co-founder, makes a rare announcement, and one whale continues his buying spree.
Pi Network Price on Edge Ahead of Chengdiao Speech
One of the top potential catalysts for the Pi Network is that Dr. Chengdiao Fan, one of its co-founders, will make a rare public appearance at the upcoming TOKEN2049 even in Singapore, which will happen on October 1 and 2.
Her speech is notable because, unlike Nicolas Kokkalis, Fan is known to be more reserved and to work behind the scenes. She has never appeared on any public speaking platform.
Most importantly, she is responsible for strategy, governance, and ecosystem growth, meaning that her speech will provide more information about the network’s future.
Pi Network, a gold event sponsor, will showcase its technology, roadmap, and utility. As such, the network will likely make some partnerships as representatives from hundreds of companies in the crypto industry attend the event.
Pi Network price jumped by triple digits ahead of the previous TOKEN2049 event as the management teased a major event, which turned out to be the $100 million ecosystem fund launch.
Whale Accumulation to Boost the Pi Value
Meanwhile, one large whale investor is ignoring the noise and boosting his investment into Pi Network, hoping it will rebound after this consolidation phase ends.
Data compiled by PiScan shows that the whale has been on a buying spree in the last 30 days. He bought over 304,000 coins on Tuesday, a day after he moved 3.7 million more coins to OKX.
This accumulation has brought his total holdings to 371 million, making him the biggest individual holder of the coin. At the current price, his holdings are worth over $127 million.
This whale would become Pi Network billionaire if the price jumps from $0.34 to $2.6, which is possible since it is a few points below the all-time high of $2.9.
The whale likely believes that Pi Network can become a major coin, such as Bitcoin, because of its popularity among investors and its strategy to boost its ecosystem growth.
Most importantly, he likely believes the ongoing challenges will be fixed over time. For example, while the Pi Core Team has not announced a burn, it may do that. One approach is to burn the unclaimed tokens. Recently, OKB price surged by over 300% within a few days when the team announced a large token burn.
The whale may also be hopeful that Pi coin will not remain unlisted by most tier-1 exchanges forever. As such, a single listing announcement by an exchange like Binance or Upbit would likely push it higher by triple digits.
The other potential catalyst for the Pi Network price is the upcoming upgrade from Protocol 19 to 23, adding more functionality and control for the platform. For example, it will embed KYC authority into the protocol, leading to more decentralization.
Pi Coin Price Technical Analysis Calls for a Contrarian Outlook
The eight-hour chart shows that the value of Pi token could jump sharply in the coming days. For one, the spread of the three lines of the Donchian channels has narrowed substantially in the past few weeks, a sign that its volatility has dropped.
The MACD indicator forms a bullish divergence pattern, while the Relative Strength Index (RSI) hovers below the neutral level at 50.
Pi Network has also formed a double bottom and a falling wedge pattern, indicating that a bullish rebound is possible. If this happens, the token may jump and retest the important resistance level at $1.
Crispus is a distinguished Financial Analyst at, bringing over 12 years of expertise in cryptocurrency markets, specializing in Bitcoin and altcoins. Renowned for his sharp insights at the nexus of market trends and breaking news, Crispus delivers actionable analysis to empower investors. His work is prominently featured across leading platforms, including BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com, cementing his reputation as a trusted voice in the financial world.
