Pi Network Soars: AI Integration Fuels $1.00 Price Target as Crypto Market Roars Back

Move over, ChatGPT—Pi Network's generative AI pivot sends its token vertical. The once-dormant project just woke Wall Street's algo traders with a 300% monthly surge.

Mainnet momentum meets machine learning

Suddenly, every crypto bro's second-favorite 'mobile mining' play looks like an AI dark horse. The team's vague partnership tweets about 'decentralized neural networks' were enough to trigger FOMO at three hedge funds—and counting.

Short sellers got pancaked when PI blasted through resistance levels like a GPU mining rig at peak efficiency. Now the $1.00 psychological barrier is in play—a level that would've seemed laughable when this token was still stuck in 'testnet purgatory.'

Of course, in crypto-land, every 'AI integration' could just mean someone slapped a ChatGPT wrapper on their whitepaper. But try telling that to the degens chasing this parabolic move. Just remember: when the 'AI' hype fades, the exit liquidity comes from retail.

Pi Network steadies uptrend on community sentiment 

The Pi Network team hinted at the possibility of integrating GenAI after the protocol marked the first 100 days since the launch of the Open Network blockchain. A panel discussion featuring Nicolas Kokkalis, the project’s co-founder, as reported by FXStreet, boosted social buzz, with positive sentiment ticking higher.

Santiment data shows elevated mentions on social channels, including X, Telegram and Reddit. Based on the Social Volume chart below, the buzz around PI has steadied this week, reaching 35 on Wednesday.

Pi Network Social Volume metric | Source: Santiment 

Positive sentiment ROSE in tandem with social volume, as observed in the chart below. A steady increase in sentiment has the potential to sway price action upward.

Pi Network Social Sentiment metric | Source: Santiment

The Pi Network team is expected to provide details of co-founder Kokkalis’ panel discussion, which may confirm the plausibility of GenAI integration. Interest in the intersection of AI and blockchain technology continues to gain momentum in the broader cryptocurrency market, which may explain the hype surrounding the June 28 announcement.

Technical outlook: PI upholds uptrend, aiming for $1.00

The Pi Price presents bullish technical signals, starting with the Moving Average Convergence Divergence (MACD) indicator, as it rebounds around the midline. A buy signal confirmed on Monday continues to influence risk-on sentiment, encouraging traders to seek exposure to the token.

The 100-period Exponential Moving Average (EMA) resistance at $0.66 and the 50-period EMA at $0.59 on the 8-hour chart below could influence the direction the PI price takes in upcoming sessions or days. A price movement above the resistance level could drive the PI price upward toward $1.00.

PI/USDT 8-hour chart

On the contrary, PI could claw back the gains accrued in the last few days if the 50-period EMA support at $0.59 fails to hold. The weekend low of around $.46 remains an area of interest to traders, at least until PI breaks above the $1.00 level and the descending trendline resistance.

Cryptocurrency metrics FAQs

What is circulating supply?

The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.

What is market capitalization?

Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.

What is trading volume?

Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.

What is the funding rate?

Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.