The Pi Network price has staged a strong recovery as investors wait for the upcoming Consensus event and as the crypto market intensified. The token jumped to a high of $0.97, up by 145% from its lowest level in April. It is now hovering at its highest point since March 25. So, why is the Pi Coin price rising and how high can it go?
Why Pi Network price is rising
There are three main reasons why the Pi Network price has gone parabolic this weekend. The most important one is that the crypto fear and greed index continues rising and is now at the greed zone of 75. A rising greed index is always a sign of a risk-on sentiment among investors, which leads to higher prices.
This sentiment has led to higher Bitcoin and altcoin prices. Bitcoin has jumped above $104,000 and is within touching distance of hitting its all-time high of $109,300. Similarly, Ethereum rose above $2,500 for the first time since February on Saturday.
Consensus event and key announcement
Second, the Pi Coin price is surging because of the upcoming Consensus event in Toronto, where senior executives and policymakers will gather. Nikolas Kokkidis, Pi Network’s co-founder, will be one of the speakers.
In an X post last week, the developers promised a major announcement during the Consensus event. As the news is yet to be revealed, analysts are speculating that this announcement will be a listing by one or more centralized exchanges like Binance or HTX.
A Pi ecosystem announcement will be released on May 14. Tune in to find out what’s coming next!
An exchange listing would be a good thing as it would make it more available to millions of investors from around the world. Historically, cryptocurrency prices go parabolic when large centralized exchanges like Binance, Coinbase, or Upbit list them.
The other likely scenario is where Pi Network’s developers announce a major partnership with a big company, which would also be a positive thing.
Another potential Pi Network news will be the launch of an ecosystem fund to incentivize developers to build applications on its network. That would be an encouraging thing since most of the existing Pi Network dApps have not gained traction among users.
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Key challenges remain
Pi Network price road to recovery faces several obstacles. The first one is that it is a highly centralized coin that the Core Team fully controls. This likely explains why most centralized exchanges have avoided it this year.
The risk is that a highly centralized coin can crash as Mantra did in April. Mantra’s price crashed by over 90% within a 24-hour period. While the developers blamed forced liquidations for this, analysts pointed to increased token dumps by insiders, who made billions of dollars.
The other potential risk it is facing is the growing supply as token unlocks continue. Pi Network will unlock over 1.4 billion tokens in the next 12 months, adding to its supply, and diluting existing holders.
Read more: Pi Network price prediction 2025 – 2030 after the mainnet launch
Pi Network price analysis
The other main reason why the Pi Network price has surged is that it has some strong technicals. It found a strong bottom at $0.5572, a level it failed to drop below since April this year.
Pi Coin price formed a double-bottom pattern and has now moved above the neckline at $0.79. It has also jumped above the 50-period moving average, a sign that bulls are coming back online.
Most notably, Pi Coin has been in the accumulation phase of the Wyckoff Theory, pointing to an eventual rebound. It will initially jump to $1, and then continue its recovery to the next key resistance level at $1.80. It will eventually soar to $3.
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