Pi Network price went parabolic on Wednesday and retested the crucial resistance level of $100 after the team confirmed the mainnet launch date. It also soared after OKX became the first major exchange to confirm its listing. So, can the Pi coin price jump by 340% and hit $345% ahead of the February 20 listing?
Pi Network Price Surged After Mainnet Confirmation
The Pi Network price went parabolic and retested the important resistance level at $100 after the team provided the roadmap to the mainnet launch. In a long post on the website, the team said that the three conditions have been met and that the exit from the enclosed mainnet will happen on February 20th.
The developers noted that the network had over 19 million confirmed KYC members, of which 10.4 million have migrated their coins to the mainnet. This means that the initial goal of 10 million coins has been reached.
On top of this, Pi Network now has 100 mainnet-ready applications, fulfilling the second condition. There are also no external events that will prevent this mainnet launch event from happening.
Therefore, unless something happens, the mainnet launch will happen, leading to a higher Pi Network price. OKX has become the first major exchange to support the mainnet launch, and many others will follow since they know the coin’s popularity.
How Big Will Pi Coin Be After Mainnet Launch?
Pi Network could become one of the biggest cryptocurrencies after launch. Chances are that the initial price will be $3.14, which is the value of Pi. Data on its website shows that there are over 6.07 billion tokens. 6.07 billion, meaning that the coin could have a market cap of over $18 billion.
Pi Coin Price Technical Analysis
The weekly chart shows that the Pi Network price has bounced back after the mainnet launch confirmation. This rebound happened after the coin dropped to $40. This level coincided with the ascending trendline that connects the lowest swings since May 2023.
The token has moved above the key resistance at $100 and the 50-week Exponential Moving Average (EMA). It has moved slightly above the 23.6% Fibonacci Retracement level and is attempting to cross a key barrier at $100.
A move above that level could see it jump to the 50% retracement level at $189. This will be up by 165% from the current level. More gains above that level will have it soar to the all-time high of $345, up by 345% from the current level. A drop below the ascending trendline at $40 will invalidate the bullish view.
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