Is the Pi Network Set to Surge as Whale Buys 917k Coins Amid the Crypto Crash?

Pi Network price has done relatively well this week, remaining in a tight range as the broader crypto market crash accelerated. It was trading at $0.2260, a range it has been in the past few weeks. So, will the coin rebound as its largest whale continues to buy?

Pi Network Price Stead as Whale Buys the Dip

One potential catalyst for the Pi Network price is that its biggest whale is continuing to accumulate that token despite the recent sell-off.

Data compiled by PiScan shows that the whale has been accumulating the coin in the past few weeks. He bought 917,014 coins valued at over $200k on Monday after a five-day pause.

He now owns over 377 million coins valued at $85.48 million, making him the biggest Pi Coin holder after the team.

The ongoing purchases are notable because they are occurring at a time when the Pi Coin price is hovering near its all-time low, having plummeted by over 90% from its previous high.

Therefore, the whale buying is significant because there are signs that he is fully convinced that the coin will rebound over time.

One reason for this is that the whale could be an insider with material information that other investors are unaware of. Additionally, the whale could be part of a cryptocurrency exchange that plans to list the coin, a move that would likely lead to a parabolic price surge.

Additionally, this could be an experienced crypto investor who strongly believes that Pi is significantly undervalued and will eventually appreciate.

Another potential catalyst for the Pi Coin price is that CEX wallet balances have been seeing outflows in the past few days. Data shows that the balances had over 6.6 million in outflows in the last 24 hours and 5.7 million in inflows, giving the net figure to 1 million. Exchange outflows is one of the most common bullish aspects in the market.

Pi Team Has Launched Several Key Enhancements

Meanwhile, the Pi Core team has implemented some notable upgrades to its network over the past few weeks, a move aimed at making the App Studio a favorable environment for building and launching projects.

The most recent upgrade occurred last week, when the team implemented an update for the App Studio. This upgrade enabled the code download and upload, tools for managing the interface of applications. The latter feature allows developers to upload preview images, share links to their applications, and delete their apps.

The end goal is to make it easy for developers to build applications and transition it from being a mere ghost chain into a real utility chain. As part of this growth, the developers recently launched the testnet for DEX, automated market makers (AMM), and liquidity providers. Once activated, it will become possible for creators to build DEX applications.

The developers are also working to upgrade the network to Protocol 23 of the Stellar Network. Once upgraded, it will become a faster and more secure protocol.

Pi Network Price is Showing Bottoming Signs

The daily timeframe chart shows that the Pi Network price is showing some bottoming signs. It has formed a double-bottom pattern at $0.1906 and a neckline at the resistance level of $0.2930, its highest point reached on October 27. A double-bottom is one of the most bullish signs in technical analysis.

Pi Coin price has also formed a bullish divergence pattern. The Relative Strength Index (RSI) has moved from the oversold level of 18 and is attempting to move above the neutral point at 50. Also, the MACD indicator is about to cross the zero line.

Therefore, the most likely situation is where Pi Coin price moves from this consolidation and stages a strong comeback. Such a move will likely push it to the psychological point at $0.50.