🚨🚨The Pi Network (PI) price has turned lower again in recent days, despite resilience in the broader crypto market, though an upcoming key event could trigger a dramatic reversal in PI’s fortunes, analysts think.

PI was last changing hands around $0.61, having slipped back below its 21DMA amid a bearish breakout from a short-term pennant pattern.

Pi Network is a sponsor of the event, one of the biggest summits in crypto, and its founder Nicholas Kalallis is one of the speakers.

A major Pi Network price recovery would likely see PI reach all the way back to its 50% Fibonnaci retracement from the April lows under $0.40 to the record highs near $3.0, which is around $1.70.

That could mean a rally of nearly 3x from current levels. So now might be a good time for investors with a high risk tolerance to consider getting into the market.

The Pi Network’s price is likely to perform well in the long run due to its growing user base and innovative mobile mining model, which fosters widespread adoption and sustained demand.

A potential surge to new record highs next year could be driven by the project’s mainnet launch and increasing merchant acceptance, significantly boosting its utility and market confidence.