In recent months, the price of PI tokens from the Pi Network has significantly declined, yet several factors hint at a potential recovery.
Market Status of PI
The price of the PI token recently hit a new all-time low of $0.34 but has slightly bounced back to $0.35, representing a 21% decrease over the week.
Investor Actions and Their Impact
An unknown investor, known as ‘GAS…ODM’, has accumulated 350 million PI tokens, becoming the sixth-largest holder of the asset. This has sparked speculation about possible connections to the Pi Network Foundation or a major exchange preparing for a listing.
Factors Favoring Growth
The amount of PI tokens held on exchanges has decreased from 405 million to approximately 400.4 million, reducing selling pressure. The Relative Strength Index (RSI) for the token indicates a reading of 25, suggesting it is oversold and may be due for a rebound.
Although PI tokens have faced a significant price drop, the accumulation by a large investor and the decrease in available tokens on exchanges may act as catalysts for potential growth in the future.
