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Pi Network (PI) Price Prediction & Analysis: Can the Token Break Through the $2 Ceiling?
As the Pi Network’s token (PI) recently hit an all-time high of nearly $3, investors are eager to know whether it can break through the $2 ceiling. In this analysis, we’ll dive into the current market situation and provide a detailed forecast for PI.
**Current Market Situation**
The Relative Strength Index (RSI) currently sits at 61 in the upper neutral zone, indicating that traders have been selling the coin, reducing its bullish momentum needed to break through resistance. On-chain data reveals large liquidations over the past two weeks, resulting in a long-short ratio of 0.83, which suggests bearish sentiment in the market.
**Token Unlocks**
A significant concern for investors is the upcoming token unlocks. PiScan data indicates massive PI unlocks scheduled within the next 30 days, with substantial releases on March 17 and 21. Approximately 282 million tokens worth approximately $390.93 million at current prices will be released, potentially creating additional selling pressure.
Despite these challenges, some analysts remain optimistic. One expert suggests that if PI maintains support at the crucial $1.05 level, which aligns with key Fibonacci retracement levels, it could reach $3.50.
**Real-World Adoption**
However, real-world adoption is slowly emerging for PI. Zito Realty LLC has announced plans to accept PI as a payment method for homes, potentially boosting the token’s utility and providing a much-needed catalyst to counterbalance the selling pressure from upcoming token unlocks.
As Pi Day (March 14) approaches, community members are anticipating positive project updates that could have a positive impact on the market.
