Pi Coin Skyrockets 70% After Mainnet Update Brings Major Changes
Key Takeaways
- After several delays, Pi Network plans to launch on Feb. 20, as users can trade on OKX.
- The development pushed the PI coin price by 70% as it broke above a descending trendline.
- The momentum around PI is bullish, but if sustained, this could drive the cryptocurrency’s value to $100.
Pi Network, the cryptocurrency and developer platform that enables users to mine PI coins, has finally set a date for its Mainnet launch after multiple delays. Following the disclosure, the Pi coin price surged by 70%.
Within a few hours of the announcement, the PI’s price rallied from less than $50 to over $90. However, as of this writing, the cryptocurrency’s value has increased to $80.91. Here is all you need to know about the upcoming launch and what could be next regarding the token’s price.
Pi Network to Launch in a Few Days
As CCN previously reported, Pi Network has repeatedly announced Mainnet launch dates, only to delay them each time. But yesterday, through its X (formerly Twitter) handle, the project revealed that it will launch on Feb 20.
“Pioneers, Open Network will launch at 8 AM UTC on Feb. 20, 2025! With millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, which allows Pioneers to connect Pi with external systems for use in real-world applications like never before,” The statement disclosed .
Despite the announcement, some users doubted Pi Network’s commitment and expected another delay. However, this time seems different, as crypto exchange OKX has confirmed plans to list the cryptocurrency.
PI coin, under the PI [IOU] crypto, has been traded since the project began six years ago. However, it has not been available on the open market until now.
With OKX set to list it on February 20, users who have mined the coin for years can finally trade it on exchanges.
PI Breaks Out of Descending Channel
Before the announcement, the PI coin price traded within a descending triangle, dropping from $76 to $37 at some point. However, when the statement went public, a bullish engulfing candle raised the crypto’s price.
The development also increased the Moving Average Convergence Divergence (MACD) reading, indicating bullish momentum. If this trend continues, the PI coin price might bounce higher in the short term.
PI Price Prediction: Is $100 Coming?
When looking at the PI coin price on the 4-hour timeframe, CCN observes that the Money Flow Index (MFI) reading continues to rise. The rise in the MFI rating indicates increasing buying pressure, which could help sustain PI’s uptrend.
Like the MFI, the AO reading also climbed with green histogram bars, validating the bullish momentum around the cryptocurrency. Should the momentum remain bullish and demand for PI continues to rise, the price could increase to $100.
On the contrary, if it gets overbought, the PI coin price could experience a correction. If that happens, the value could slide to $75.63. If selling pressure increases, it could drop as low as $60.58.
