
Since launching 12 years ago, Bankless Times has brought unbiased news and leading comparison in the crypto & financial markets. Our articles and guides are based on high quality, fact checked research with our readers best interests at heart, and we seek to apply our vigorous journalistic standards to all of our efforts.
BanklessTimes.com is dedicated to helping customers learn more about trading, investing and the future of finance. We accept commission from some of the providers on our site, and this may affect where they are positioned on our lists. This affiliate advertising model allows us to continue providing content to our readers for free. Our reviews are not influenced by this and are impartial. You can find out more about our business model here.
The Pi Network price continued its crash this week as sentiment in the crypto market worsened. It was trading at $0.3473 on Tuesday morning, a few points above the all-time low. This retreat could be about to end as a major whale continues to accumulate.
The main reason why the Pi Network price may surge is that one anonymous whale is continuing to accumulate it. Data shows that the whale now holds over 376 million coins, currently valued at over $130 million.
This whale began accumulating the token in August and continues to buy more daily. His last purchase was of 667,403 coins worth over $231,589 on Sunday. If his trend continues, the whale will likely purchase more coins this week.
READ MORE: Somnia Surged After Mainnet Launch: Will Keeta Price Do the Same?
It is unclear who this whale is, but it seems like they are fully committed to the Pi Network and believe that the coin will rebound soon. It could be an ordinary investor, or it could be an insider who knows things the public does not.
For example, this whale could be an exchange executive who knows that his company will list the coin, a move that would lead to a parabolic move, as we have seen with other coins like Orca and Avantis.
In a recent article, BanklessTimes speculated that the whale could be Justin Sun, a crypto billionaire who is widely recognized as the de facto owner of HTX, a top cryptocurrency exchange. Sun has not responded to our queries about this.
The whale could also be someone connected to the Pi Network team members, who have likely shared with him some material information that could move the coin over time.
The whale’s purchases are notable because they are happening at a time when the Pi Network price has plunged by over 100% from its highest level this year and when the token unlocks are continuing.
The daily timeframe chart shows that the Pi crypto Network price has been under pressure in the past few months as attempts to buy the dip faltered. On the positive side, the coin has continued to form a falling wedge pattern, which comprises two descending and converging trendlines.
The spread between the three lines of the Bollinger Bands has narrowed substantially in the past few weeks, meaning that a squeeze is possible. Also, the coin could be in the accumulation phase of the Wyckoff Theory.
Therefore, the most likely scenario is where the coin bounces back and possibly retests the important resistance level at $1, which is much higher than the current $0.3475.
READ MORE: Worldcoin Price Prediction: WLD to Rebound But Risks Remain
We`ve got crypto covered – every trend, every insight, every move that matters. Add us to your feed and stay ahead of the market.
Since launching in 2012, Bankless Times is dedicated to bringing you the latest news and informational content within the alternative finance industry. Our news coverage spans the whole crypto-sphere so you’ll always stay up to date — be it on cryptocurrencies, NFTs, ICOs, Fintech, or Blockchain.