From $0.61 to $1.70? Pi Network Eyes Bullish Breakout Ahead of Mainnet Push

Pi Network (PI), one of the most talked-about projects in the Web3 space, is once again capturing attention following a steep decline in its token value. Once trading at a high of around $3 in February 2025, PI has now retraced to approximately $0.61 a correction of nearly 80%. But is this just a dip before a breakout? Analysts believe upcoming developments could reignite bullish momentum. A Rapid Fall After Token Unlock The dramatic price drop coincided with the Open Network launch, which led to the unlocking of a large supply of tokens. As more tokens entered circulation, early holders took profits, creating immense selling pressure. The technical structure broke below key support levels, including the 21-day moving average, signaling a bearish shift in the short term. Many investors saw this dip as a red flag. However, some analysts argue it’s simply part of the natural cycle in early-stage crypto projects, especially those transitioning from testnet to mainnet with real tokenomics in play. Analysts See Opportunity Before Consensus 2025 Despite the decline, market observers are starting to turn bullish pointing to several upcoming catalysts that could trigger renewed interest in PI. 🔹 Dr. Altcoin, a well-followed crypto analyst on X, recently predicted that PI could rebound significantly ahead of the Consensus 2025 conference, which takes place from May 14–16 in Austin, Texas. “Consensus is one of the biggest Web3 events globally. With Pi Network being an official sponsor and its founder, Dr. Nicholas Kokkalis, confirmed as a speaker, we could see a narrative shift and renewed investor appetite,” — Dr. Altcoin on X. The exposure from such a high-profile event could enhance Pi Network’s credibility, especially among institutional investors and developers. Technical Analysis: Eyes on the Fibonacci Levels From a technical perspective, PI’s next big test is whether it can reclaim previous resistance levels: The 50% Fibonacci retracement level, drawn from the February peak to April low, sits around $1.70. This is viewed by analysts as a reasonable target in the medium term a level that could act as both technical resistance and psychological relief zone for holders. A successful retest and hold above this level could validate the reversal and open the door to higher price targets, especially if paired with positive news from Consensus. Utility and Mainnet Adoption Still Key to Long-Term Value Even if short-term gains occur, most experts agree: the real value of PI will be driven by utility. As Pi Network continues building its developer ecosystem, onboarding real-world merchants, and preparing for a full mainnet launch, adoption metrics will become more important than speculative hype. So far, Pi has attracted a massive community reportedly over 47 million users. However, most of these users are still on the enclosed mainnet or using the app primarily for mining simulations. Real value will only materialize if Pi transitions to a fully open, functional economy with: Real transaction volume On-chain dApps Stable economic design (supply & inflation) Conclusion: Is This the Calm Before the Next Pi Rally? While PI’s current price might seem discouraging, seasoned investors understand that early-stage volatility is often followed by opportunity especially in projects with a large user base and clear roadmap. With the Consensus 2025 conference just weeks away and mainnet rumors heating up, Pi Network could be positioning itself for a comeback. If momentum builds and PI regains investor trust, a move toward $1.70 or beyond may not be far-fetched. Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult a financial advisor before making investment decisions. Cryptocurrency markets are volatile and carry risks.

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