Pi Network (PI) Price Prediction: Whale Purchases 2 Million Tokens to Address Rising Supply Pressure

Pi Network (PI) has seen two whale transactions purchasing over 2 million Pi coins. Nevertheless, the technical outlook still shows a bearish tendency, potentially testing the $0.40 level again.

As the level of CEX rises, Whales begin to buy frantically

Data from PiScan shows that the wallet balance of centralized exchanges (CEX) has increased to 373.6 million Pi coins, with a net inflow of 2.41 million Pi coins in the past 24 hours. The increase in CEX deposit amounts indicates that investors' selling pressure has increased.

Against the backdrop of rising supply pressure, significant transactions in the past 24 hours highlighted two Whale transactions that withdrew more than 2 million Pi coins from the exchange.

"GASWBD…J2AODM" withdrew 1.66 million Pi coins, while "GBVD3M…4ZLRVM" received 400,000 Pi coins. It is worth noting that the whale "GASWBD…J2AODM" has withdrawn 7.92 million Pi coins in the past five days.

The purchase volume of Whales nearly matches the total supply inflow across all exchanges, indicating increased confidence.

Pi coin price analysis: Bullish momentum weakens, expected to retest 0.40 USD

FXStreet analyst Vishal Dixit stated that as the Pi coin failed to recover from last week's 12% fall, its downtrend is targeting the $0.40 integer level tested on June 13.

Technical indicators remain sluggish, with the relative strength index (RSI) hovering around 33 on the daily chart, slightly above the oversold boundary. A fall below the oversold boundary of 30 would indicate increased selling pressure.

The Moving Average Convergence Divergence (MACD) indicator shows that the MACD is on a downward trend, with the signal line in the negative territory. However, the reduction of the red histogram suggests a possible crossover, and cautious investors may consider a buy signal.

However, to restart the upward trend, PI coin must overcome Friday's bearish candlestick and the daily closing price must break through the psychological barrier of 0.50 USD. In this case, the upward trend of PI coin may reach the 0.54 USD level tested on June 29.

(Source: Trading View)