Pi Network copies Zcash, skyrocketing 14 times? Whale frantically sweeps up 370 million in accumulation completed.

In the past two months, due to weak retail investor demand, the price of Pi Network has remained in a sluggish state, trading around $0.2250 and maintaining this range since October of last year, still far below the historical high price of $3. The current consolidation is the accumulation phase in Wyckoff theory, similar to the price movement of Zcash, which skyrocketed from under $50 to over $700 in just a few weeks.

Wyckoff accumulation phase completed, replicating Zcash surge pattern

(Source: Trading View)

The daily chart shows that the price of Pi Network has been maintaining a narrow range over the past few months. It has been within the range of the key support level of $0.1960 and the resistance level of $0.2930. The current consolidation is part of the accumulation phase in Wyckoff theory. This phase is characterized by price level fluctuations, low volume, and distinct support and resistance levels.

After the accumulation phase comes the markup phase, characterized by strong demand. Fear of missing out (FOMO) typically arises during this period. The price movement of Zcash is similar to this, as its price skyrocketed from under $50 to over $700 in just a few weeks, an increase of 1300%. This explosive price surge occurred right after a long accumulation phase.

However, the challenge lies in the fact that the four stages of the Wyckoff theory and Dow theory take a long time to form. Taking Zcash as an example, its accumulation phase has lasted for more than 10 months, while Pi Network has remained in this phase for several months. This long-term sideways consolidation often makes retail investors lose patience, but it is this test of patience that filters out the true long-term holders, laying the foundation for explosive growth in the future.

From a technical indicator perspective, Pi Network possesses multiple characteristics similar to those of Zcash before its surge. There are other reasons for the token price surge, one of which is its decreasing volatility, as evidenced by the decline in the Average True Range (ATR). The price difference between the three lines of the Bollinger Bands has also narrowed significantly. This narrowing of volatility typically signals an impending large fluctuation, and the volatility expansion following the accumulation phase often leads to an upward breakout.

Therefore, this token is likely to experience a short-term squeeze in the coming weeks. If this occurs, the next key price level to watch will be $0.50, which is about a 130% increase from the current price level. This target is not arbitrarily set, but is based on previous resistance levels and technical extension calculations. If Pi Coin falls below the yearly low of $0.1900, its upward trend will be invalidated.

Three Major Similarities Between Pi Network and Zcash

Long Accumulation Phase: Both have experienced several months of sideways consolidation, with price movement narrowing.

Volatility Declines Sharply: ATR decreases, Bollinger Bands narrow, indicating an impending breakout.

Whales Accumulate in the Shadows: Large buy orders continue to accumulate, providing financial support for a breakthrough.

Whales Frenzily Accumulate 370 Million Pi Network Against the Trend

Due to some potential catalysts, the price of Pi Coin may experience a strong rebound in the coming weeks. Firstly, the largest whale investor is actively accumulating Pi Coin, having purchased 376.3 million tokens over the past few months. This buying behavior may indicate that he expects the price of Pi Coin to continue to soar.

The cumulative scale of 376.3 million Pi Network is quite impressive in absolute numbers. At the current price of 0.2250 USD, this corresponds to approximately 84.67 million USD of capital inflow. This level of buying pressure is sufficient to have a substantial impact on the market supply and demand structure, especially during periods of relatively low liquidity, where whale purchases can effectively absorb selling pressure and provide support for price bottoming.

The timing of whale accumulation is also quite revealing. The price of Pi Network has been persistently sluggish over the past two months, with retail investor demand weak and market sentiment low. It is precisely in this atmosphere of panic that whales began to buy against the trend. This “when others are fearful, I am greedy” strategy is a typical characteristic of successful investors. Whale behavior holds significant leading indicator importance in the cryptocurrency market, and their buying decisions are often based on in-depth research of fundamentals and technicals.

It is also worth noting that this time the whales' accumulation is not concentrated at a single price level. The continuous buying over the past few months shows that these large investors have adopted a phased accumulation strategy rather than a large one-time purchase. This operational approach is more cautious and sustainable, suggesting that the whales are optimistic about the medium- to long-term prospects of Pi Network. Phased accumulation also means that even if prices fall further, the whales still have funds to continue supporting the market.

From on-chain data, the buying behavior of this largest whale is not a secret operation, but rather a publicly verifiable on-chain record. The transparent buying record provides important following references for retail investors. When the largest holders continue to increase their holdings, it often implies that they possess information that ordinary investors do not know, or have a deeper understanding of the long-term value of the project.

ISO Certification and Exchange Listing Catalyzes Price Explosion

Furthermore, if the token obtains ISO certification, its price may soar, as suggested by some anonymous users. Such certification would encourage top cryptocurrency exchanges to list the token. ISO (International Organization for Standardization) certification holds significant authority in the financial sector, representing that the project has reached international standards in terms of technical standards, security, and compliance.

For Pi Network, obtaining ISO certification will fundamentally change its market position. Currently, Pi Network is only traded on a few small to medium-sized exchanges, with limited liquidity and an imperfect price discovery mechanism. Once ISO certification is obtained, top exchanges will have more compelling reasons to list the token. These exchanges have hundreds of millions of users and ample liquidity; once Pi Network is listed, it will immediately gain attention from the global mainstream market.

Historical cases show that the listing on mainstream exchanges often triggers explosive price increases of tokens. When a token upgrades from a small exchange to a large CEX exchange, its accessibility and credibility significantly improve, attracting a large number of new buyers. In the past, multiple tokens have seen price increases of over 50% within 24 hours after announcing their listing on Binance, with some even reaching over 100%. If Pi Network really obtains ISO certification and lists on mainstream exchanges, the target of 0.50 USD may just be a way station.

In addition, the team has recently made some important progress. For example, they launched an artificial intelligence platform to accelerate KYC verification, which has now attracted millions of user registrations. KYC (Know Your Customer) verification is a key step for Pi Network to transition from the testnet to the mainnet. Traditional manual KYC verification is slow and has become a bottleneck that limits the development of Pi Network. The introduction of the AI platform has significantly improved verification efficiency, allowing millions of users to quickly complete identity verification and start trading on the mainnet.

Pi Network has also made some significant upgrades in the past few months, aimed at enhancing the ecosystem. They recently announced a major investment in OpenMind, which will open up more avenues for node operators to earn in the field of artificial intelligence. OpenMind is a decentralized AI computing platform that allows node operators to rent their computing resources for AI training and inference tasks. This business model provides a real source of income for Pi Network's node operators, rather than solely relying on token appreciation.

Technical Analysis: $0.50 Target and Invalid Conditions

From a technical perspective, Pi Network has multiple bullish signals. The token price is consolidating between $0.1960 and $0.2930, forming a clear trading range. Once it breaks through the resistance level of $0.2930, it will open up upward space. The next key price level to watch will be $0.50, which represents an increase of about 130% from the current price level. This target is based on previous highs and technical extension calculations.

The changes in the volatility indicators support the argument for an impending breakout. The decline in the Average True Range (ATR) indicates that the price movement is narrowing, which typically occurs before a trend reversal. The gap between the three lines of the Bollinger Bands has also significantly narrowed, with the lines almost sticking together, which is a typical “Bollinger Squeeze” pattern, signaling a forthcoming large volatility.

If Pi Coin breaks below the yearly low of 0.1900 USD, its upward trend will become invalid. This price level is the red line for the bullish narrative; breaking below it would indicate a failure of the accumulation phase, and the market may enter a new round of downward cycle.