TLDR
- Pi Network price has been flat since August, showing signs of consolidation.
- A mysterious whale has been consistently buying Pi Network tokens, increasing their holdings.
- The whale now holds over 373 million Pi Network tokens valued at $128 million.
- Technical analysis suggests Pi Network is in the accumulation phase according to the Wyckoff Theory.
- If the Wyckoff pattern holds, Pi Network price could surge to $1, followed by further gains.
Pi Network price remains stagnant today, maintaining a trend that has continued since August. The token has seen a steady consolidation, a pattern which may be part of the Wyckoff Theory’s accumulation phase. During this period, one mysterious whale has been consistently buying large quantities of Pi Network tokens. As a result, market analysts speculate that the whale’s actions could trigger an upcoming surge in Pi Network’s price.
Whale’s Accumulation of Pi Network Tokens Continues
The Pi Network price has dropped nearly 90% from its all-time high, leading to a period of investor hesitation. While many buyers have stayed on the sidelines, one whale has taken a different approach. This whale has been steadily purchasing Pi Network tokens, with recent data showing an acquisition of 1.57 million tokens just last Wednesday.
Over the past month, the whale has consistently added to its position, buying on nearly every trading day. The total number of Pi Network tokens held by this whale now exceeds 373 million, valued at approximately $128 million. With such a large stake, the whale has become the largest holder of Pi Network tokens and seems poised to continue acquiring more, especially with the coin near its all-time low.
Pi Network Price Set for Breakout According to Wyckoff Theory
According to technical analysis, Pi Network may soon experience a breakout. The Wyckoff Theory suggests that Pi Coin is currently in the accumulation stage. This stage is characterized by sideways movement and low trading volumes, which is evident in Pi Network’s current price behavior.
Following the accumulation phase, assets typically enter the markup phase, which often leads to a rapid price increase. The whale’s consistent buying activity supports the theory that Pi Network is poised for a price surge. In fact, historical examples like MYX Finance demonstrate how similar patterns can lead to substantial gains in a short period.
If Pi Network follows this pattern, analysts predict a possible price target of $1. This target represents a psychological resistance point, which could lead to further upward momentum. Beyond that, the next potential target is $1.6675, the neckline of a double-bottom pattern. Achieving this level would represent a 388% increase from its current value.
