Pi Network Price Prediction: 2.69 million users migrating to Mainnet triggers a big pump, with $0.32 becoming the target price.

The price of Pi Network (PI) has surpassed the 50-day Exponential Moving Average, reaching $0.2638, setting a new monthly high. Pi Network price predictions indicate that 3.36 million pioneer users have completed the Know Your Customer (KYC) verification, of which 2.69 million have successfully migrated to the Mainnet, leading to a surge in broader market demand that has exceeded supply pressures.

3.36 million users completed KYC, 2.69 million migrated to Mainnet

Pi Network announced last week that 3.36 million pioneer users have completed the “Know Your Customer” (KYC) verification, and have shown an upward trend for the fifth consecutive day. This means that 2.69 million pioneer users are able to migrate to the Mainnet, while the remaining users may still need to complete the Mainnet review. This number is significant in Pi Network price predictions, as it represents the release of substantial potential selling pressure.

In general, such migrations can exacerbate supply pressure, as pioneer users may transfer their held PI tokens to a centralized exchange (CEX) that has undergone “Know Your Business” (KYB) verification. The mining model of Pi Network allows users to “mine” through a mobile application, but these tokens are initially locked within the app and cannot be traded. Only after completing KYC verification and migrating to the Mainnet can users transfer tokens to exchanges for buying and selling.

The migration of 2.69 million users means that potentially hundreds of millions or even billions of PI tokens could enter the circulating market. Assuming each pioneer user holds an average of 1,000 PI (which is a conservative estimate, as many early users may hold more), this migration could release approximately 2.69 billion PI tokens. Such a scale of supply increase typically exerts significant downward pressure on prices.

However, contrary to conventional expectations, the price of the PI token not only did not drop but instead rose for five consecutive days, with a cumulative increase of 25%. This abnormal phenomenon reveals a key fact: the surge in broader market demand has exceeded the supply pressure. Possible reasons include: positive expectations for the completion of the Mainnet migration, an influx of new users purchasing, and some pioneer users choosing to hold long-term rather than sell immediately.

CEX inflow of 2.07 million PI but demand still exceeds supply

(Source: PiScan)

In line with migration expectations, PiScan data shows that in the past 24 hours, centralized exchange (CEX) wallet balances have seen an inflow of 2.02 million PI tokens. This figure confirms that pioneer users indeed transferred their tokens to the exchanges after migration, but the inflow scale is not large relative to the 2.69 million migration users.

The influx of 202 million PI means that, on average, each migrating user only transferred about 0.75 PI to the exchange. This figure is far below expectations and may have several explanations. First, not all users who completed the migration immediately transferred their tokens to the exchange; many may choose to continue holding on the Mainnet. Second, some users may have only transferred a small portion of their holdings for testing or minor cashing out, keeping the majority of their tokens for long-term investment. Third, the ecological applications of the Pi Network may attract users to use PI tokens on the Mainnet rather than viewing them solely as speculative assets.

Multiple Interpretations of CEX Inflow Data:

Supply pressure is limited: 2 million PI is relatively small compared to 2.69 million migrating users, indicating that most users are not immediately selling off.

Strong Demand: Even with 2.02 million PI flowing into exchanges, the price still rose by 25%, proving strong buying absorption.

High Willingness to Hold Long-Term: Pioneer users may have confidence in the Pi Network ecosystem and choose to hold rather than liquidate.

Ecological Application Driven: There may be application scenarios on the Mainnet that attract users to use PI.

However, after the recent migration, the broader market demand surged beyond the supply pressure, driving up the price of the PI token. This state of supply and demand imbalance is the most optimistic signal in the price prediction of Pi Network. If the demand remains strong, even if more pioneer users complete the migration and transfer tokens to exchanges in the future, the price is still expected to maintain an upward trend.

The key issue is the sustainability of this demand. If the demand mainly comes from speculative buying, once the positive effects of the migration are fully digested, the price may quickly drop. However, if the demand arises from actual application scenarios within the Pi Network ecosystem, such as decentralized applications (dApp) and increased merchant payment acceptance, then this demand will be more sustainable.

Technical Analysis: Breaking the 50-Day EMA Opens Up Ascending Channel

(Source: Trading View)

As of October 28, the PI token has risen by 25%, with the trading price breaking through the 50-day MA, reported at 0.2638 USD. This mobile mining cryptocurrency has continued its upward trend for the fifth consecutive day, with bulls targeting 0.3220 USD, a level that served as support at the end of September. The breakout of the 50-day EMA is significant in technical analysis, as it is often seen as a confirmation signal for a medium-term trend reversal.

In addition, the trading price of the PI token is above the 50-day MA at 0.2368 USD, which previously acted as a dynamic resistance level, providing multiple bearish reversal points. If PI maintains above this average line, it may continue the rebound momentum. In technical analysis, when the price breaks above a certain MA from below, that MA often shifts from resistance to support. Therefore, 0.2368 USD now becomes an important support level, as long as the price stays above this level, the upward trend can be maintained.

The indicators on the daily chart show a surge in buying pressure, as the Relative Strength Index (RSI) is at 67, approaching the overbought boundary. The RSI is a momentum indicator that measures the speed and magnitude of price changes, with values ranging from 0 to 100. Generally, an RSI above 70 is considered to be in the overbought territory, while below 30 is considered oversold. The current reading of 67 indicates strong buying power, but it has not yet entered the extreme overbought zone.

At the same time, the Moving Average Convergence Divergence (MACD) is rising towards the zero line, while the green histogram continues to rise. MACD is a trend-following indicator composed of the fast line (12-day EMA), the slow line (26-day EMA), and the histogram. When the MACD fast line crosses above the slow line, it forms a golden cross, usually indicating the beginning or continuation of an upward trend. The continued rise of the green histogram further confirms that buying momentum is strengthening.

0.3220 USD target and 0.1919 USD support level

The bulls are targeting $0.3220, a price level that became a support level at the end of September. This target is not set arbitrarily but is based on an analysis of historical price structure. In technical analysis, previous support levels often turn into resistance when broken, while previous resistance levels turn into support when breached. $0.3220 was a support level at the end of September, indicating that there has historically been a large concentration of buying at this price level.

From the current price of 0.2638 USD to the target price of 0.3220 USD, it implies an upside potential of about 22%. This is highly attractive profit potential for short-term traders. However, achieving this target requires several prerequisites: RSI does not experience a significant pullback after entering the overbought zone, MACD continues to maintain a bullish structure, and trading volume continues to expand.

If the PI token fails to maintain above $0.2368, it may retest the support level of $0.1919 marked by the low on October 11. This support level represents the recent low, and if the price breaks below the current 50-day EMA support, the next area that may attract buying support is $0.1919. A drop from the current price to $0.1919 implies a correction of about 27%.

Three Scenarios for Pi Network Price Prediction:

Bullish Scenario: Maintain above $0.2368, break through the psychological barrier of $0.30, challenge the target of $0.3220, potential increase of 22%.

Neutral Scenario: Consolidating between $0.2368 and $0.30, waiting for further catalysts.

Bearish Scenario: Break below the support of $0.2368, retest the low of $0.1919, potential decline of 27%