The Pi Coin token has started to recover after hitting a low of $0.32. It is currently hovering around $0.35, reflecting a decrease of less than 3% over the past 24 hours.
Current Price Dynamics of Pi Coin
After reaching a low of $0.32 on Friday, the Pi Coin token is now priced near $0.35, showing a slight decline of less than 3% over the past day. The analysis of Bollinger Bands indicates a widening, signaling a return of volatility to the market.
Impact of Whale Accumulation on Recovery
Blockchain trackers have identified a major holder, not associated with the Pi Foundation, who is aggressively accumulating Pi Coin from centralized exchanges. In recent days, this whale has purchased more than 350 million tokens, valued at approximately $125 million. The anonymity of the owner has raised attention among traders, and some believe this buying spree could stabilize the market given the 155 million tokens set to unlock this month.
Future Outlook
The recent decision by Pi Network to lower its mining rate is seen as a confidence-boosting move for long-term holders. If buying activity continues and technical momentum strengthens, analysts believe a short-term rally toward $0.58 could be achievable. However, with new token unlocks on the horizon, any recovery could face headwinds before gaining sustained traction.
The potential recovery of Pi Coin may be influenced by active buying and improved technical indicators. However, the looming token unlocks may pose challenges to this growth.
