The Pi Network price increased by more than 2% in the last 24 hours, reaching $1.56, despite the overall crypto market capitalization dropping by more than 8%.
Pi Network in a Consolidation Channel
The Pi Network price has been trading in a consolidation channel between $1.4260 and $1.6950 over the past few days. This period of sideways trading could signal a significant move in the near future. If traders determine PI's current price is a buying opportunity, it might flip the resistance level at $1.6950 into support, potentially leading to a climb to $1.9090. Conversely, a bearish move could see the price fall below the support of $1.4260, possibly dropping to as low as $1.1840.
Technical Indicators Suggest Uptrend
Technical indicators on the 1-hour chart for Pi Network suggest a potential continuation of the upward trend. The MACD and RSI both indicate bullish momentum. The RSI crossing above its Simple Moving Average (SMA) implies increased buyer activity, while the MACD line nearing the Signal line suggests a potential positive cycle.
Elevating Solana with Solaxy
The Solaxy project, operating on Solana's layer 2, aims to reduce network congestion and boost transaction throughput. By utilizing rollups, Solaxy plans to process a portion of transactions on a separate sidechain, sending results to the Solana mainnet. Solaxy also plans to bridge Solana and Ethereum, forming a robust Web3 ecosystem.
Despite the crypto market downturn, Pi Network is showing price gains through technical signals, and Solaxy on the Solana platform promises increased network efficiency. These developments highlight potential growth opportunities and strengthening in both networks.
