After more than a month-long market slump, Pi Network’s Pi Coin (PI) has finally experienced a substantial price recovery.
This rise comes just days before Pi2day, leading to high expectations among Pioneers that PI can experience a surge. However, Ray Youssef, CEO of NoOnes, has cautioned that this alone is unlikely to result in significant price movement.
Will Pi2Day Trigger a Price Rally for PI?
It’s important to note that PI’s latest gains are part of a broader positive trend in the crypto market. BeInCrypto reported today that the total market cap increased by $36 billion.
Still, many Pi pioneers are optimistic that the increased hype around Pi2Day could catalyze a price rally.
“Did you take the medicine? It suddenly reached $0.6. Will it suddenly rise to PI ($0.8, $1, $1.5, $2, $3) later? There are only a few days left before Pi2day. There is a lot of room for growth,” Pi Barter Mall posted.
However, not everyone is convinced about Pi2Day’s potential impact on the price.
“More than a market catalyst, Pi2Day is more of a symbolic celebration as it reminds people that the Pi ecosystem exists and it’s not enough to translate into price action. Increased liquidity, new market access, and product rollouts are the real price movers, changing the supply-demand balance,” Ray Youssef told BeInCrypto.
Besides hoping for a price rise, some anticipate a Binance listing announcement on Pi2Day. While the Pi Network community has strongly supported the listing, the exchange has yet to list the token.
This has raised concerns about why the listing hasn’t happened yet, especially given the strong user demand. Youssef explained that exchange listings aren’t determined by popularity but by risk assessments.
He emphasized that Binance and other platforms typically evaluate several factors before listing a token. These include legal clarity, technical readiness, security, and the ability to manage large-scale liquidity.
The executive added that there is limited public information regarding how the token economics and supply will operate once Pi Network transitions to an open environment. These factors contribute to the delay in listing PI on major exchanges like Binance.
“From a legal and compliance standpoint, Pi hasn’t provided enough transparency. There are still some questions: Is the token a utility, a reward system, or something else? Who controls the nodes? How are disputes resolved? These are some of the questions exchanges ask before putting their reputation on the line. Even with community enthusiasm, a Binance listing for Pi will need it to prove itself to be more than a closed-loop ecosystem,” the NoOnes CEO noted.
Future of Pi Network
Youssef also shared his perspective on the network’s future. He emphasized that Pi Coin is uniquely positioned due to its vast grassroots adoption. However, it currently lacks substantial real-world liquidity and utility.
“Pi’s future depends on its team’s ability to transition into delivery, leaving behind the hype through factors like open mainnet for free trading on public blockchains, which would enable price discovery and participation,” he stated.
Youssef pointed out that the network must evolve beyond just mining. According to him, the developer ecosystem requires third-party apps and real-world use cases to create valuable tools, integrate with commerce, and offer tangible services.
From both a regulatory and exchange perspective, achieving compliance and transparency would be crucial in attracting the liquidity that Pi is currently missing.
Lastly, the executive outlined what PI needs for long-term success and higher valuation.
“For Pi to sustainably reach or exceed $10 in a real market, it will need to have a full mainnet launch with open transfers, listings on high liquidity exchanges, a real economic layer, where people use Pi to buy, sell, or pay for services, and controlled inflation to ensure newly unlocked tokens don’t flood the market,” Youssef mentioned to BeInCrypto.
Pi Network Price Gains Ahead of Pi2Day
According to the latest data, PI’s price has increased by 15.8% in the last 24 hours, now trading at $0.615. The altcoin is recovering from the losses it has faced throughout this month.
This recent upward movement suggests that PI could regain its momentum if it successfully holds above key support levels and continues to attract buyer interest.
To fully recover, PI would need to hold the $0.579 support. If the coin manages to flip the $0.617 resistance level into support, it could pave the way for a rise to $0.646, completing the recovery of the losses from June.
A sustained rise would indicate that PI’s bullish momentum is intact. Thus, a continued rally may lead it to revisit $0.787.
However, if the market fails to maintain bullish momentum, PI could fall to $0.541 once again. Failure to hold this level would likely result in a decline to $0.500. This would invalidate the current bullish outlook, signaling that the price correction may continue.
It is worth noting that while Pi Network shows recovery and anticipation for Pi2Day, its long-term success depends on addressing liquidity, utility, and regulatory transparency. The future of Pi Coin relies on moving beyond a closed-loop system to achieve sustained growth.
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