Pi Network Price Surge Ahead? CEX Reserve Outflows Spark Recovery Hopes as Pi2Day’s GenAI Hype Builds
CEX wallets are bleeding Pi tokens—and that might be the best news holders have heard in months.
As exchange reserves dwindle, the stage is set for a supply shock. Fewer coins in trading venues means less sell pressure. Basic economics, right? Unless you're a crypto 'influencer'—then it's probably magic.
Pi2Day's GenAI promises loom large. The annual event (June 28, mark your calendars) typically brings volatility. This year? The team's teasing 'groundbreaking' generative AI integrations. Because nothing pumps a coin like slapping 'AI' on the whitepaper.
Technical outlook: The 30-day moving average just crossed bullish for the first time since the March dump. Network growth metrics ticked up 12% post-outflow news. Of course, in crypto-land, 'fundamentals' are what you check after the 100x moon.
Closing thought: If the AI claims are half as good as the team's marketing, Pi might actually deliver—right after your 'safe' bank stocks finish yielding less than your grandma's savings account.
CEX reserves plunge amid whale activity
PiScan’s data shows a massive net outflow of 6.50 million PI tokens from CEXs' wallet balances, reflecting a significant decline in supply pressure. The OKX wallet recorded a net outflow of 3.92 million PI, followed by the MEXC wallet offloading 1.05 million PI tokens, which their users could have purchased.
CEXs' wallet balances data. Source: PiScan
The heightened activity of large investors, popularly known as whales, may be fueling the outflows, suggesting increased demand. From the OKX exchange alone, three whales have acquired a total of 11.09 million PI tokens, marking the largest 24-hour transactions except for a Pi Foundation internal transfer worth 50 million PI tokens.
PI large transactions. Source: PiScan
With the Generative AI buzz surrounding the Pi2Day on Saturday, as reported by FXstreet, the whale activity suggests that smart money is on a buying spree.
Pi Network risks testing weekly low
Pi Network ticks lower by 4% at the time of writing on Friday, extending the 9.34% drop from the previous day. Despite a 16% jump on Wednesday, PI failed to surpass the 50-day EMA at $0.66, nearly erasing the gains.
A daily close below $0.50 (psychological number, April 4 low) could test the Sunday low at $0.47, increasing the chances of $0.40 retest, last visited on June 13.
The Moving Average Convergence/Divergence (MACD) indicator displays a decrease in the intensity of the green histogram bar, indicating a decline in bullish momentum.
The Relative Strength Index (RSI) at 42 takes a steep reversal crossing below the mid-level, presenting room for correction before reaching oversold conditions.
PI/USDT daily price chart.
However, a potential hype-driven rally on Pi2Day could test the $0.66 resistance level, last tested on Wednesday. A clean push above this level could target $0.86, the highest price of May 21.
