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Pi Coin is preparing for a potential 60% rebound as interest grows regarding the next phase of its mainnet migration. Although the Pi Core Team has not made an official announcement, some users on X have observed an increase in wallet verifications and two-factor authentication, which may indicate that a launch is imminent. Following a significant decline in Pi’s value—from $1.6665 in May to approximately $0.6485 this week—the community has noted ongoing development.
Technical signals indicate that the cryptocurrency may experience a substantial recovery despite prevailing bearish trends. Analysts note that Pi Coin is approaching a key support zone, with a triple-bottom pattern emerging, which is often regarded as a bullish indicator. If this trend continues, the price could soon rise toward $1.
The recent price movement of Pi Coin has caught the attention of market watchers. After dropping below its 50-period moving average, the asset is now trading at a crucial support zone. This level aligns with an ascending trendline that has acted as a base since April. Price action around this line suggests increased buying interest.
The eight-hour chart shows a triple-bottom pattern as a significant technical structure. The pattern has three nearby low points connected by a neckline at about $1.6664. It often indicates that sellers are tired and that a bullish shift may follow. RSI is now moving up from an oversold area, and the MACD is displaying a bullish divergence. If the current base is supported, such signals can help increase the chances of a rise.
Over the past few weeks, trading volume has decreased. Historically, when volumes are at these lows, it is often before a breakout. If there is a surge in buying, Pi Coin could rise to around $1, representing a 60% increase.
Market speculation about the upcoming Phase 2 mainnet migration is building. Several X users have urged pioneers to re-verify wallets and activate two-factor authentication, expecting that new requirements may soon be enforced. Although the Pi Core Team did not specify a date, it has stated that the first migration batches are now in progress.
Phase 2 will include referral mining bonuses tied to users who have completed KYC. If executed successfully, this update could drive interest and utility in the network. However, token supply remains a challenge. With over 1.5 billion tokens expected to unlock within the next year, demand must rise to absorb the new supply.
Although some people are still waiting for listings on exchanges, Phase 2 presents an alternative way to drive demand. If the migration is carried out smoothly, investors will feel confident and be able to take Pi Coin close to its old highs.
Also Read: Massive Bitcoin Buyback: Hong Kong Firm to Invest $1.5 Billion
