PI Network price has underperformed, consolidating below $50 amid the ongoing crypto market rally; however, a crucial network update issued on January 5 has sparked bullish reactions.

PI Network Price Retests $50 as Team Confirms 2025 Updates

PI Network price received a major boost over the last 24 hours as a crucial network update sent the community abuzz with anticipation. According to the Pi Core Team’s official X post published on Sunday, the long-awaited Open Mainnet launch, previously moved from December 31, has now been confirmed for the first quarter of 2025.

The latest PI price market movements suggest traders have reacted positively to the updates.

PI Network (PI) Price Action | Source: TradingView

As seen above, PI price had traded as low as $44 on Saturday, January 4. But after the team published the network update on January 5, PI price surged by 6% to hit the $49 mark at press time.

However, this excitement is tempered by ongoing challenges, particularly around the Know Your Customer (KYC) verification process and the migration to the Mainnet.

The Pi Network has extended the deadline for KYC submissions and Mainnet migration to January 31, 2025, in an effort to include more users in the launch.

PI Network Price Forecast: $50 Breakout Could Trigger 3x Gains

PI Network price is predicted to enter a bullish breakout as the recent migration deadline announcement fuels renewed investor interest. The PIUSD daily chart highlights a well-defined ascending channel, suggesting a long-term build-up of bullish momentum.

PI price has posted extended consolidation near the lower boundary of this channel $46.32. This zone has been tested multiple times, as indicated by the blue arrows, confirming its reliability as a key support level.

PI Network Price Forecast | PIUSD

The RSI is trending upward from a neutral zone around 45.44, signaling improving momentum and the potential for a shift toward bullish dominance. The MACD histogram also exhibits a bullish divergence, with higher lows forming despite the recent price consolidation, indicating growing buying pressure.

Key resistance levels lie at $57 and $67, as shown by the red arrows and horizontal lines. A breakout above $67 would confirm a strong bullish continuation, targeting the upper boundary of the ascending channel at $183.79, representing a potential 265% rally.

If the upward trajectory persists and buyers capitalize on the improving market sentiment, PI could see a significant price surge in the coming weeks, potentially tripling its value.

The post Pi Network Price to Triple Amid Migration Deadline Announcement appeared first on CoinGape.

Filed under: News - @ January 5, 2025 1:26 pm