Pi Network’s $136m mystery whale fuels breakout hopes

Pi Network’s token has been stuck in a tight range for weeks, but an anonymous whale quietly amassing more than $136 million worth of PI is stirring speculation that a breakout may be on the horizon.

Pi Network price may jump as whale buying continues

One major catalyst for the Pi Coin (PI) price is that one mysterious whale continues to accumulate it. PiScan data indicates that the investor is purchasing new coins almost daily. His holdings have now jumped to over $136 million. 

The ongoing whale buying is a bullish aspect because it is unclear who the buyer is and why they are making these purchases. He may be an ordinary investor who believes that the Pi Coin price is cheap and that it will ultimately rebound. 

Another potential reason is that the whale could be a connected individual with insider information. For example, the whale could be part of a major centralized exchange that knows when it will list it, a move that would push it much higher. 

Further, the coin may benefit as the altcoin season continues. CMC data shows that the Altcoin Season Index has jumped 79, a trend that will continue in the coming months. In most cases, altcoins tend to do well when this season is underway.

Pi Coin price has contrarian technicals

Technical analysis reveals that the Pi Coin value has several highly contrarian catalysts that will likely drive it higher in the near term. 

The accumulation and distribution indicator has jumped to the highest point since May. This indicates that the asset is in the accumulation phase of the Wyckoff Theory, followed by the markup phase, where demand increases. 

The spread of the three lines of the Bollinger Bands has narrowed substantially in the past few months. In most cases, this performance of the Bollinger Bands leads to a squeeze.

A good example of a similar short-squeeze is what happened recently when the OKB price surged after the developers announced a major token burn. Pi Network may replicate such a move if there is an important announcement. 

Additionally, the coin has formed a highly bullish falling wedge pattern whose two lines are about to converge. This pattern often leads to a strong bullish breakout over time.