Analyst Joe Swanson added that this breakout is happening exactly as he expected, and it might be the beginning of a longer rally, one that could gain even more strength as Pi2Day 2025 approaches.
Technicals Show Bullish Signs for Short-term
Pi Network’s charts show a neutral trend overall, but there are signs of short-term strength. Short-term moving averages (10, 20, and 30-day) are mostly showing buy signals, pointing to a possible upward move. However, the longer-term averages (50 and 100-day) are still flashing sell signs, so the long-term trend remains weak for now.
What To Expect On Pi2Day?
The rally comes as excitement builds around a possible GenAI announcement on June 28. The Core Team is also expected to reveal major ecosystem updates. Whale activity is also driving the price as one wallet has bought over $173M worth of Pi, likely a big institutional player.
The community is waiting for the launch of KYC Sync, making it easier for users to link their ID between the Pi App and Browser. This move pushes millions closer to full Mainnet migration.
Will A Correction Follow Next?
However, some analysts warn that Pi’s recent rally could be short-lived. While hype and technical momentum are driving the surge, a correction may be on the horizon. Additionally, over 268 million PI tokens are set to unlock in July, the biggest release until 2027, which could put downward pressure on the price.
Dr. Altcoin recently shared that the recent Israel-Iran ceasefire is a positive signal for Pi. He says that Pi is unlikely to drop below $0.40 and expects a slow rise starting late August as token unlocks decrease.
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