Will Pi Network’s Mainnet Delay Affect $100 Price Target?

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The value of Pi Network has significantly dropped since its peak in November, making the predicted $100 price point hard to reach. This drop is primarily due to the general downtrend in altcoins and repeated delays in the mainnet launch by developers. Given their previous comments, it’s likely that the mainnet launch for Pi Coin will be delayed once more, which could impact its overall performance.

Will PI Network Delay The Mainnet Launch Again?

In October, the price of Pi Network significantly increased, approaching almost $100, during the final stages leading up to its initial grace period. However, it plummeted to $47 and subsequently rebounded to around $91 as the deadline approached once again.

Initially, these benefits were temporary since the developers delayed the leniency period until December once more. Continuing this pattern, they prolonged the validation phase again, pushing it back to January 31st of this current year in their announcement. In their statement, they expressed their intention to debut the mainnet during the first quarter of this year.

They contended that a sufficient amount of time should be given for at least 10 million pioneers to transfer their tokens onto the main network.

Despite the developers’ assurance of an imminent Q1 launch for the open network, it’s important to note that there remains a possibility for further delays due to their history of postponements in recent years. The use of “can” instead of “will” suggests that while they aim to launch as soon as possible, uncertainty surrounds the actual timing.

As a researcher, I’m keenly aware that the Pi Network’s development team has an extensive workload leading up to the mainnet launch. Their primary tasks include verifying millions of users, preparing for the migration of user tokens to the mainnet, and establishing strategic partnerships with top-tier cryptocurrency exchanges.

To initiate the mainnet, as per the prerequisites, it is essential to have a minimum of 100 applications ready for the mainnet. Currently, we have approximately 80 such apps, leaving us in need of around 20 more prior to the mainnet launch.

Pi Network Analysis: Path To $100 Remains Elusive

Cryptocurrency experts have been positive about Pi coin’s potential price reaching $100 with the upcoming mainnet launch. Yet, this prediction hasn’t come true, and instead, the value of the token has remained under $50 over the last few weeks, continuing to consolidate.

The consolidation took place just beneath the 50-day moving average, but above a rising trendline that links the lowest points from September this year. This trendline has served as a significant point of support, preventing the coin from falling below it so far.

Another potential danger is that the Pi coin might be shaping up like a head-and-shoulders pattern, which is often interpreted as a bearish signal. Consequently, any further delay in mainnet approval could trigger a bearish collapse, potentially reaching down to $43.10 – its lowest point on December 20, represented by the longest wick or ‘shadow’.

Instead, if the chances of approval increase, it’s reasonable to expect the Pi Network’s price to surge significantly first to approximately $68.80, which represents the right shoulder, and then potentially reaching $100. This pattern would suggest that the current consolidation is actually a period of accumulation.

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2025-01-09 15:01