Pi Network Surges 8% Amid Technical Rebound, KYC Extension

Pi Network (PI), a prominent altcoin with a fully diluted valuation of approximately $16.3 billion, has experienced a notable rebound in recent days. After a period of decline, the cryptocurrency has surged by around 8% over the past two days, trading at approximately $1.48 during the early European session on March 12. This rebound has positioned Pi coin as the top trending crypto asset on Coingecko, reflecting its growing popularity among speculative traders.

Technical analysis indicates that Pi coin is currently consolidating within a symmetrical triangular pattern in the 1-hour time frame. This pattern has been forming over the past four days, and the recent rebound has brought the price to retest the upper border of this pattern. Previous analysis by Coinpedia highlighted a reversal pattern characterized by a head and shoulders formation coupled with a bearish divergence of the daily Relative Strength Index (RSI). This suggests that there is a high probability of a reversal toward a lower low in the coming days.

Examining the 5-minute time frame provides a clearer picture of the bearish sentiment. Pi coin has been forming a potential double-top pattern with a bearish RSI in the five-minute candlestick. A consistent drop below $1.46 could lead to a further decline toward the lower border of the symmetrical triangular pattern. Conversely, a consistent close above the upper border of this pattern could signal bullish sentiment in the coming days.

Despite the recent volatility, many investors remain optimistic about the long-term potential of the Pi Network. The network, launched in 2019 by researchers, has amassed over 60 million users worldwide, with 12 million having completed Know Your Customer (KYC) verification. The KYC and Mainnet migration deadline has been extended to 8:00 AM UTC on March 14, 2025, for final balance verification and migration. This extension has allowed more users to complete the necessary steps, potentially stabilizing the network's user base.

However, industry experts have raised concerns about the project’s lack of full decentralization and transparency. Pi’s system still relies on multiple approval layers, which contradicts the core principles of blockchain technology. Additionally, transparency issues persist, with questions about the distribution and control of Pi wallets. Unlike Bitcoin, which records every transaction publicly, Pi transactions lack the same level of visibility. Large amounts of Pi are manually distributed, and it is unclear who controls the wallets.

Speculation around a potential Pi Network Binance listing has fueled optimism among some investors, who believe such a move could push Pi crypto value to new all-time highs. However, until concrete developments materialize, the token remains vulnerable to speculative trading and market sentiment. Industry experts suggest that partnerships with reputable tech firms or the development of real-world applications on the Pi blockchain could provide the necessary foundation for long-term growth.

For now, the market remains divided. While some see Pi as an opportunity, others warn of potential risks. As volatility continues, investors must tread carefully, keeping an eye on both technical indicators and project developments in the coming weeks. The success of Pi Network hinges on its ability to prove its value beyond speculation and to address the concerns raised by industry experts.