Pi Network price moved sideways this week, mirroring the performance of other cryptocurrencies like Bitcoin and Ethereum. This consolidation could result into a major comeback as the countdown to mainnet launch, which is expected in the first quarter of 2025.
Pi Coin Mainnet Launch Ahead
The main catalyst for the Pi Network price in the year’s first quarter will be the much-anticipated mainnet launch. This launch will open the network from an enclosed mainnet into a public blockchain accessible to everyone. It will also enable pioneers who have been mining the tokens to convert them into fiat or continue holding them.
The Pi Network mainnet launch was expected to happen in December this year, but the developers decided to postpone it. Their goal is to launch the mainnet in the first quarter of next year.
They postponed the mainnet launch to give more pioneers a chance to conduct the Know Your Customer verification and then migrate their tokens to the mainnet. While over 18 million users have done the KYC, only 8 million of them have moved their tokens. As such, they believe that doing the migration without over 10 million pioneers will be unfair to them.
Pi Network’s mainnet launch will likely happen in either February or March since the current grace period will end on January 31.
Pi Network Price Analysis Points To More Gains
In our Pi Coin price forecast on Friday, we noted that the coin could see some volatility and then rebound to $100 soon.
The daily chart shows that the coin has dropped sharply from near $100 in November to $50 today. Despite this crash, Pi has remained above the ascending trendline, which links the lowest point on September 27, November 28, and last week. That is a sign that bears are afraid of going short below that support level.
Pi Network price has also found substantial support slightly above the 200-day Exponential Moving Average, a popular level. Also, it is stuck a the highest swing in July this year. Therefore, this consolidation could be a sign of accumulation similar to what happened in October before soaring in November.
The Pi Network mainnet launch hype could see its price surge in the first quarter of 2025. If this happens, the most viable target to watch will be the resistance at $100, the highest level in November, followed by $121, its 2024 highs. The first target is about 50% above the current level, while the second one is 150% higher.
The bullish view will become invalid if the Pi coin price crashes below the key support at $37.21, its lowest level on October 16 will invalidate the bullish view.
The post How High Wil Pi Network Price Rise After Mainnet Launch? appeared first on CoinGape.
