Here’s why the Pi Network price is expected to make big moves this week

Pi Network’s token, Pi (PI), is currently experiencing heightened attention due to the approaching end of its Know Your Customer (KYC) verification grace period, which is set to close on January 31. The KYC process is a critical step in the launch of the Pi Network’s mainnet, and the developers have made it clear that they are unlikely to extend this deadline again. This has created anticipation in the market, particularly for pioneers who have been waiting for the chance to move their coins to the mainnet and eventually sell them for fiat.

As of Sunday, Pi was trading at around $43.22, slightly above the $38 support level that it reached last week. This level is significant because it marks the double-bottom point, a bullish reversal pattern that often indicates potential for price gains. The price has been steadily hovering around this key support zone, showing some stability ahead of the KYC deadline.

The KYC verification process is one of the three conditions that must be met before the Pi Network’s mainnet launch. The other two conditions include the completion of at least 100 mainnet-ready applications (currently at 80) and meeting the external environmental requirements. If the developers confirm that the mainnet will launch in the upcoming quarter, this could trigger a major price surge for Pi.

Historically, many tokens that undergo airdrops or initial distribution phases, particularly tap-to-earn projects like Pi Network, experience price drops post-launch. However, Pi’s situation differs as it has been in the works for over six years, and pioneers have been holding coins with the expectation of a major event—the launch of the mainnet.

In terms of technical analysis, Pi’s daily chart indicates that the price recently tested the key support at $38, which aligns with a double-bottom pattern. The neckline of this pattern is at $91.50, and if Pi manages to break through this level, a price increase of up to 110% is possible, similar to the surge it experienced in October 2024, when the price jumped from $37 to $100 in just a few days.

On the other hand, if the KYC deadline is once again extended or there are delays in the mainnet launch, Pi’s price may face a significant breakdown, potentially dropping as low as $30, the lowest point seen in September 2024.

It’s important to note that the Pi Network’s IoU (I Owe You) token is not officially affiliated with the real Pi Network. It is an ERC token that is only available on HTX and serves as a proxy for the main project. This distinction is crucial for investors, as Pi’s actual value is still tied to its mainnet launch, and the market is closely watching how the developers will navigate these final stages before the official launch.