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“A robust enhancement seems to be looming for the Pi ecosystem,” one X account claimed.
The native token of the controversial (yet very popular) crypto project Pi Network continued its solid performance over the past week by recording fresh gains in the last 24 hours.
The primary catalyst of the most recent surge seems to be a rumor of a significant update scheduled for November 28.
PI in Green Territory Again
According to CoinGecko’s data, the asset’s price briefly surpassed $0.25, whereas it currently trades just south of that level. This represents a 6% increase on a daily scale and a 10% increase on a weekly basis.
Following the price spike, PI’s market capitalization reclaimed the $2 billion milestone and now ranks as the 61st-biggest cryptocurrency, flipping the well-known meme coin Pepe (PEPE).
Perhaps the most likely factor fueling the jump is the recent post from the X user Pi Network News. The unofficial account dedicated to spreading news about the project’s ecosystem claimed that many Pioneers may face a “pivotal moment” on November 28 due to a major update expected that day.
“A robust enhancement seems to be looming for the Pi ecosystem. Stay informed, stay proactive, and grasp the opportunity,” the rumor reads.
The X users commenting on the post were left baffled, and it seems they have no clue what the upgrade will focus on. However, it infused optimism, and some asserted they would buy PI tokens.
Just a Short-Lived Rally?
It is important to note that the excitement surrounding the upcoming update may soon dissipate, especially if the project’s official account fails to provide concrete details. This could jeopardize the overall rally. Additionally, the looming token unlocks suggest the bears could regain control again.
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Data shows that almost 180 million PI will be released over the next 30 days, with December 20 standing out as the peak date, when 7.2 million coins will unlock at once. This development will give some investors the chance to offload tokens they have been waiting for some time, and lead to increased sell pressure.
PI’s Relative Strength Index (RSI) also signals that a correction could be on the way. The technical analysis tool, which ranges from 0 to 100, measures the speed and magnitude of recent price changes and is often used by traders to spot possible reversal points. Ratios above 80 typically indicate the asset is overbought and poised for a pullback. Such is the current case, with PI’s RSI standing above 80.
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