🚀 Pi Network (PI) Shows Bullish Signs as CEX Withdrawals Rise

After a 4.92% gain on Wednesday, Pi Network’s PI token continues to show momentum. In the past 24 hours, centralized exchange (CEX) wallet balances have dropped significantly, signaling growing withdrawal activity and investor demand.

At the time of writing Thursday, PI trades at $0.3653, slightly down from $0.3747. Technical indicators and exchange reserves suggest a bullish outlook, highlighted by an RSI divergence, a double bottom pattern, and notable CEX outflows.

According to PiScan, CEX wallets lost 5.14 million PI in a single day, bringing reserves down to 409.55 million PI. This 1.24% reduction may be linked to the Pi Hackathon 2025, the first hackathon post-Open Network, driving increased investor interest.

PI extended Wednesday’s gains by roughly 1.5% on Thursday. The $0.3442 support level has reversed, forming a double bottom pattern first seen on August 6, targeting the 50-day EMA near $0.4319.

On the daily chart, the declining average line aligns with the falling channel’s resistance. A decisive close above this level could push PI toward $0.50. The RSI stands at 42, rebounding from previous lows and signaling rising buying pressure, while the MACD remains flat, indicating limited trend momentum.

However, a drop below $0.3442 would negate the double bottom pattern and raise the risk of retesting the all-time low at $0.3220.

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