Pi Network Coin Value Surges 19% as Whales Invest Heavily in This Solana Scaling Solution, With Its ICO Raising Over $34 Million
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The Pi Network has seen a staggering 19% surge in the past 24 hours, trading at $0.7343 as of 7:37 a.m. EST, as investors rush to snap up this cryptocurrency.
With this recent surge, the Pi Coin is up a significant 22% over the longer-term 7 day timeline.
Pi Network Price Aiming to Smash Through a Major Resistance
4-hour chart for PI/USDT (Source: TradingView)
Currently, the Pi Network price is making a valiant attempt to get past a powerful resistance level sitting at $0.7590. If this technical hurdle is successfully overcome and the price ends a 4-hour period above this barrier within the next 12 hours, there's a good chance it could rise to a short-term high of $0.8350.
On the flipside, rejection from the $0.7590 level could lead to a more dismal scenario for the Pi Network price. Traders may then begin to push the Pi Coin down to the nearest support level, which settles at $0.6607. If downward pressure on the altcoin continues and it hits this technical backstop, it might expose the crypto to the risk of tumbling to the next critical support level at $0.6032.
Technical Indicators Suggest Pi Network Price Rally Might Be About to Peak
From a technical standpoint, indicators on the 4-hour chart hint that the Pi Network price may continue to climb in the upcoming hours. However, there are also warning signs popping up that suggest the altcoin's bullish momentum could be losing steam. Traders will want to keep a close eye on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI).
Over the past few hours, the MACD line has begun to level off above the MACD Signal line. While the current alignment of these two technical indicators is still somewhat bullish, the MACD line's standing still could be the start of an upcoming bearish trend reversal. If the gap between the two lines starts to shrink, it could confirm a shift in momentum.
Meanwhile, the RSI is currently positioned bullishly above its Simple Moving Average (SMA) on the 4-hour chart, signifying buyers have a slight advantage over sellers. Yet, the current RSI reading above 70 indicates the Pi Coin is now overbought on the 4-hour chart. This is often seen as a sell signal, because it suggests that the altcoin's downside potential is greater than its upside potential. The negative slope of the RSI line sends a clear warning that some traders have already started to trim their exposure to the altcoin in response to this signal.
As the Pi Network price tries to breach a major resistance, investors are also piling into the presale for Solaxy (SOLX). Popular YouTube channel 99Bitcoins, with over 725K subscribers, predicts that the crypto could skyrocket 100X after its official launch.
Solana Readying for Its Biggest Upgrade Ever
Solaxy is the first layer-2 scaling solution for the Solana blockchain, aiming to tackle the network's congestion issues while boosting its overall efficiency.
By processing and bundling SOL transactions off of the Solana mainnet, Solaxy will group transactions together before submitting the batches to the layer-1 backend for final validation and recording. This method mirrors the approach used by ETH-based solutions such as Arbitrum and Optimism.
Another way Solaxy will help Solana scale is by connecting the blockchain with the Ethereum network. By merging two of the most influential blockchains in the Web3 space, Solaxy will create a new platform with lightning-fast speeds, low fees, and deep liquidity. SOLX will then serve as the primary transaction layer on this new platform, providing it with high levels of utility.
The Solaxy team has been burning the midnight oil, and have recently released their testnet and an associated block explorer. In the latest dev update, the team mentioned they have optimized their chain's rollup mechanisms, ironed out user interface issues, enhanced their test suite, and made changes to expedite node syncing upon restarts.
Solaxy Presale Raises Over $34M after Whale Investment
Instrumental investors have poured more than $34 million into the project's ongoing ICO. The impressive fundraising occurred after a whale made a $200K investment.
Those interested can secure SOLX for just $0.001718 a pop using either crypto or a bank card through the widget embedded on the project's website. Tokens can also be staked for a staggering 117% annual return.
Thriftiest buyers will want to snap up SOLX before the next presale price bump arrives in less than 5 hours.
Check out SOLX.
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Download NowJoin Our Telegram channel to keep yourself in the loop on the latest breaking news happenings!
- The surge in the Pi Network's price has led many investors to buy USDT to invest in Pi Coins, causing a rush in the market.
- With the average Pi Network price currently standing at $0.7343, traders are closely watching the candles for signs of an uptrend or downtrend.
- The technology behind Solaxy, a new scaling solution for the Solana blockchain, promises to increase efficiency and connect the Solana network with Ethereum.
- Finance experts are predicting that Solaxy's presale, which has already raised over $34M, could see SOLX skyrocket in value after its official launch.
