The Pi Network ecosystem is showing renewed signs of bullish momentum, stirring excitement among crypto enthusiasts and traders. With a 23% gain over the past week, Pi Coin has caught the attention of market watchers and major players alike. Although Pi is still in a pre-mainnet phase and not yet fully listed on major exchanges, price tracking from IOUs (I Owe You tokens) and OTC (Over-the-Counter) markets offers insights into investor sentiment.
Technical Patterns Signal Bullish Structure
Pi Coin's price action recently broke through a key micro-resistance level at $0.65 during early trading hours on May 8. This movement was reportedly accompanied by favorable technical indicators such as a "golden cross" on the MACD (Moving Average Convergence Divergence) and persistent overbought signals from the RSI (Relative Strength Index).
These bullish indicators helped drive the coin’s price up to $0.78—a level now acting as strong resistance. Since reaching this point, the coin has entered a consolidation phase between the $0.70 support and the $0.78 resistance zone. Technical analysts suggest that a breakout from this zone, particularly to the upside, could trigger rapid gains. One expert noted, “If the bullish pressure remains intact, Pi might aim for levels between $0.80 and $0.95, possibly even hitting the $1.00 psychological mark in the near term.”
The price chart is also forming a symmetrical triangle pattern, a well-known setup that often precedes a decisive move. This pattern, similar to what was observed in the recent surge of Pepe Coin (PEPE), has led some traders to set medium-term price targets near the $0.95 mark—assuming positive market conditions continue.
Institutional and Whale Activity Intensifies
Behind the scenes, large-scale accumulation is occurring—often a bullish signal. On-chain data, though limited due to Pi’s ongoing development status, suggests significant token movements. In one widely discussed transaction, approximately 20 million Pi tokens—valued around $14 million—were reportedly moved from the crypto exchange OKX to private wallets. While these figures are drawn from IOU market activity, such transactions often point to growing long-term confidence.
Adding further weight to bullish sentiment, Banxa, a digital payments infrastructure company associated with the Pi Network ecosystem, reportedly purchased an additional 10 million Pi tokens. This move follows Banxa’s KYB (Know Your Business) approval, which could potentially allow for broader Pi trading support in future regulated environments.
The combined effects of institutional accumulation and reduced token availability on exchanges could create a supply squeeze—supporting higher valuations as demand grows. While the Pi Network’s mainnet has not yet officially launched for public trading, these developments suggest growing interest among serious investors and infrastructure providers.
Final Thoughts: Opportunity or Speculation?
Despite the optimistic sentiment, it’s essential to remember that Pi Coin is not yet actively traded on major centralized exchanges in the traditional sense. Most pricing data comes from IOU-based markets, which are not official representations of the coin’s final value when the mainnet goes live.
However, technical analysis, whale accumulation, and strategic moves by companies like Banxa indicate a strong underlying belief in Pi Network’s long-term vision. For traders and investors, Pi remains a speculative opportunity—but one that is increasingly difficult to ignore.
As always, potential investors should do their due diligence and stay updated with official announcements from the Pi Core Team.
