The Pi Network price has made an impressive comeback, defying the broader crypto market trend. Pi coin jumped from last week’s low of $36 to $49, marking it as one of the top performers. What’s behind this sudden surge?
Mainnet Launch Anticipation
The buzz around Pi Network’s upcoming mainnet launch is the key driver. Investors are excited about the shift from an enclosed mainnet to an open one. This transition will allow pioneers to finally convert their tokens into fiat currency, a milestone they’ve been waiting for.
Developers will also benefit greatly. The open mainnet means they can launch their apps to a global audience, expanding Pi’s ecosystem. Millions of users have been eager for this launch, hoping to monetize their tokens after years of waiting.
However, the road to the mainnet has been bumpy. Developers have delayed it multiple times, citing the need to strengthen Pi’s ecosystem. They set three key priorities: more mainnet-ready applications, a favorable external environment, and at least 10 million pioneers completing KYC verification.
The KYC migration was supposed to end in November but has faced several delays. The new deadline is February 28, though there’s a risk of another postponement. Developers also mentioned that KYC will continue even after the mainnet goes live, which could happen in March.
Technical Analysis: A Bullish Breakout
The recent price rally has strong technical backing. Pi coin hit a bottom at $36.52 last week before bouncing back close to $50. This rebound followed the formation of a falling wedge pattern, known for signaling bullish reversals.
Pi has broken above the upper trendline of this wedge and surpassed the 50-day Exponential Moving Average (EMA). It also retested a major support and resistance pivot point identified by the Murrey Math Lines (MML).
Adding to the optimism, the MACD indicator has formed a bullish crossover, suggesting upward momentum. If the bullish trend holds, Pi coin could target $69 next. However, a drop below $42 would challenge this positive outlook.
What’s Next for Pi Network?
Pi Network’s future looks promising if the mainnet launch stays on track. Continued technical strength and growing investor excitement could push prices higher. But delays in the KYC process or mainnet rollout might trigger pullbacks.
For now, Pi coin stands strong, defying broader market trends with its bullish breakout.
