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The Pi team launched Fast Track KYC a few months ago, using AI for faster verification of users and to reduce friction during migration to the mainnet
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Pi recently fell by around 20% in one day, creating a brand new all-time high of $0.25
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In the next 30 days, a large number of new PI Tokens (over 130,000,000) will be released onto the market
Pi Network has recently launched the v23 Protocol Upgrade on Testnet. It is designed to improve scalability and stability as well as readiness for real-world transaction.
The Pi team launched Fast Track KYC a few months ago, utilizing AI to speed up verification for users and reduce friction during migration to the mainnet.
Pi’s price has been under pressure despite these recent developments. It fell by around 20% in one day, creating a record low of $0.25. This was due to weak inflows in its exchange-traded products (ETP).
Related Pi Coin Price Prediction: Pi Struggles to Recover after Breakdown
Over 130 million new PI Tokens are expected to enter the market within the next 30 day, which could result in more people selling and a worse price performance. Some experts are still hopeful. They say that if the price can rise above key levels like $0.340-$0.360, a rebound is possible.
Why a rebound can be challenging
The mood around Pi at the moment is negative. There is little trading activity and interest has waned. Investment in its official ETP has also been very low (reportedly only $3,400 per month).
The huge number of tokens that will be released soon is also likely to cause problems, as even if there are new buyers, many people may simply sell their newly-available coins.
Pi’s price moves along with the rest, including Bitcoin. If Bitcoin’s value falls (down about 5.5% in the past 7 days), Pi, and other altcoins, tend to fall even more.
What could cause a rebound?
Pi’s situation isn’t good at the moment. However, a turnaround is possible if certain things happen.
A clear and strong price movement above a key level of resistance, such as breaking past $0.36, with high trading activity is a good place to start.
Moreover, any positive news from the project, such as a successful launch of the mainnet, a large number of users completing KYC, or new partnerships and real world uses, could end putting Pi back on the map.
A positive economic climate is also important. Pi will follow suit if, for example, investor confidence is high, central banks are making money easier to borrow and the crypto market in general is on the rise.
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