Pi Network price has done well this month, moving from a low of $0.1295 on February 6 to the current $0.1700. It has formed a highly bullish pattern, pointing to more gains as key upgrades and whale buying continues.
Summary
- Pi Network price has formed a bullish flag pattern on the 12-hour chart.
- The network is undergoing a series of upgrades.
- Data shows that whales are continuing to accumulate the token.
Pi Coin (PI) price could be on the verge of a strong bullish breakout in the coming days. First, the network is carrying out a major upgrade as it seeks to move to the latest version of the Stellar Consensus Protocol. This upgrade, when fully implemented, will make Pi a faster network with more functionality.
In a statement on Thursday, the developers noted that the next main upgrade deadline will be on March 1. After moving to 19.9, there will be four main stages, with the final one expected to happen in April this year. It is common for cryptocurrencies to rebound ahead of a major upgrade.
Pi Network price will also benefit from the ongoing whale buying. Data shows that the number of whales jumped rose to 20, with the biggest one holding over 383 million coins. The whale has bought over 17 million Pi coins this month, a sign that he expects it to rebound over time.
Meanwhile, the team noted that they are working on more features. A major one is the plan to launch a KYC-as-a-Service feature, a move that will see it compete with popular platforms like Humanity Protocol and Worldcoin. This product will be based on the success of the ongoing KYC process that has verified over 16 million users.
The biggest catalyst for the Pi Network Coin price will be the potential Kraken listing. Kraken, a top American exchange, has signaled that it will list it this year. Such a listing will make it available in the United States, and likely put more pressure to other exchanges to list it.
Pi Network price has formed a bullish flag pattern
The 12-hour chart shows that the Pi Coin price has flashed key bullish patterns that may lead to more gains. It has formed a bullish flag pattern, which is made up of a vertical line and a descending channel. It has now exited the upper side of this channel, which may lead to more gains.
Pi Coin price has also remained above the Supertrend indicator, a sign that bulls are still in control. It also moved slightly above the 50-period moving average, while the Relative Strength Index is pointing upwards.
Therefore, the most likely Pi Network forecast is bullish, with the next key target being at $0.2065. This target is about 20% above the current level.
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