Pi Network’s PI has been the best-performing top 100 cryptocurrency over the past week, with its valuation rising by almost 40%.
Although some market observers foresee additional short-term gains, one factor could dampen their enthusiasm by hinting at a renewed decline.
The Bears Are Coming Back?
PI has finally managed to reverse its massive downtrend over the last several months, posting an upswing to as high as $0.20 just days ago. Currently, it trades at around $0.18 (per CoinGecko’s data), placing it well in green territory on a seven-day and two-week timeframe.
With its market capitalization soaring to roughly $1.7 billion, the asset now ranks as the 47th-largest cryptocurrency. The evident recovery has put PI back in focus, making it one of the most-trending tokens on CoinGecko lately.
The good days, though, may be coming to an end because the amount of coins stored on crypto exchanges has risen sharply. Almost 5 million PI have been transferred to such platforms in the last 24 hours alone, bringing the total to approximately 427.1 million. More than half of that is held on Gate.io, while Bitget ranks second with approximately 145.2 million tokens.
While the shift from self-custody to centralized exchanges doesn’t guarantee a price correction, it is often viewed as a bearish signal, as it could be interpreted as a pre-sale step.
The aggressive token unlocks scheduled for the coming days should also serve as a warning to investors. Data indicates that daily figures will approach 15 million on several occasions before the end of February. After that, though, the process is set to slow down.
New Push From the Bulls?
Contrary to the aforementioned factors, some community members believe PI is on the verge of a more serious surge in the short term. X user Pi Network Academy argued that the asset “is warming up for another big pump,” predicting an explosion to $1.
For their part, Pi Global claimed that “momentum is building, utility is expanding, and community is stronger than ever.” That said, they wondered if the coin’s valuation could hit $0.50 before Pi Day. The date (March 14) is symbolic to Pi Network because it resembles the mathematical constant π (3.14).
Earlier this month, X user Captain Faibik also chipped in. The renowned crypto analyst revealed they had added some PI for the midterm, expecting a 500% rally.
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