Pi Network coin triggered a fresh wave of bullish forecasts after spiking past $0.52 on July 22. The move, fueled by a sudden jump in trading volume, pushed PI coin to its highest level in weeks and briefly reclaimed key short-term averages.
Social media analysts rushed to flag trendline breakouts and renewed upside, but the rally’s underlying structure remained shaky.
However, PI coin likely fell prey to profit booking, as the token failed to remain above its 20-day EMA (red). It seems that despite the numerous posts about loyalty to the project, PI coin fans could not resist a little profit. The token traded near $0.4751 with a long upper wick—a classic sign of rejection. Volume rose to 117 million PI, but remained well below historical breakout thresholds.
The RSI at 47.1 has improved but still sits in neutral territory.
Traders Bullish, But Technicals Not In Complete Support
Several traders pointed to PI coin’s July 22 surge as the start of a potential breakout.
Woody Lightyear claimed “millions of dollars just flowed into Pi,” citing a nearly 9% jump on Gate.io’s PIUSDT pair, where 24-hour turnover topped $24.69 million. He highlighted PI’s brief reclaim of the $0.48 level, marking the token’s sharpest single-day move in weeks.
Another post from an analyst, with the username Jireon, drew attention to a multi-month downtrend line stretching back to March. According to the analyst’s chart, PI is now approaching this resistance with rising volume and a strengthening RSI. He speculated that PI price would soon cross above $0.6, suggesting a breakout was imminent.
However, the price action doesn’t confirm that narrative. The Pi Network token’s price spike floundering after its recent spike suggests strong bearish pressure near the $0.48-$0.52 zone. The bounce appears driven by speculative inflows and short-term hype rather than a structural reversal.
Traders calling for a breakout may be early. Yet, the flurry of over-hyped social media posts remains true to the general nature of PI coin fans.
Hype Post and Whale Transfer May Have Fueled the Move
A mix of perceived ecosystem news and real on-chain movement may have triggered the July 22 price spike. A wallet holding over 334 million PI—valued at roughly $160 million—executed a large withdrawal just hours before the rally.
The address moved 2.91 million PI tokens (worth about $1.39 million) out of OKX, reducing exchange-side liquidity at a critical moment. While the wallet is not officially labeled, its balance size suggests it belongs to a key entity—likely a core project reserve or affiliated exchange custodian.
At the same time, a widely circulated post on X claimed that Pi Wallet had added new fiat onramps, including Apple Pay and Google Pay. The announcement looked official and resembled updates from Dr. Nicolas Kokkalis.
But it came from a fan account without ties to the core team. The Pi Network’s verified channels did not release any corresponding upgrade news.
Despite the lack of confirmation, many users treated the post as legitimate. In a low-liquidity environment, misperception can accelerate retail inflows and amplify intraday moves. While both developments added fuel, neither confirms a shift in long-term fundamentals.
