Pi Network, a cryptocurrency renowned for allowing users to mine from their smartphones, faces a severe headwind this month as its price tumbled 54% from its all-time high.
And so, the question becomes, is this a good time to buy? This Pi Network price prediction explores whether the project will see gains in the coming weeks or if investors should consider a promising competitor like Solaxy instead.
Pioneers Vent Frustrations
Pi Network began development in 2019 but only migrated to the open main network in February. The transition allowed miners to finally sell their tokens if they wished. But it hasn’t been smooth sailing for the “Pioneers.”
The most pressing issue is that droves of miners cannot migrate their tokens to the main network.
“I have taken the necessary steps for temporary KYC. All my information is up to date and verified. My mainnet checklist is green. I uploaded photos twice. I changed my password. But why is KYC still like this? When will it be fixed? Will my Pi coins be transferred to my new wallet,” wrote one disgruntled user in response to a recent Pi Network tweet.
His response garnered 52 likes, so he’s far from alone.
And because the $PI price is decreasing, community members are becoming increasingly concerned. After mining coins for up to six years, they’re now forced to watch the value of their rewards crash without being able to cash out.
This is amplifying fear and perpetuating the project’s ongoing selling pressure.
Pi Price Approaches Inflection Point
Despite jitters surrounding users’ inability to migrate their $PI to the open main network, community members remain optimistic about the Pi Network’s price potential.
An account called Pi News highlights that $PI is approaching a key level at $1.25, which has acted as both support and resistance since trading began. The commentator forecasts that $PI will tap this level and then rebound to new highs, suggesting a price target between $3 and $4.
Meanwhile, analyst Trader Calls notes that Pi Network trades inside a falling wedge pattern and believes there will be a breakout to $4 in the coming days.
That said, the analyst anticipates a further drawdown to the $1 level first, which would undoubtedly make community sentiment even worse.
While traders remain optimistic about Pi Network, overlooking its fundamental concerns would be a huge mistake.
Should the problem be resolved in the coming weeks, there’s certainly scope for a recovery. However, if the problem persists, then $PI could well tank lower than its current price of $1.35, potentially to the $1 mark or even worse.
With that in mind, buying $PI at its current price is certainly risky. That’s why many investors are turning to new alternative Solaxy instead.
First Solana L2 Solaxy Raises $26M at Presale – Best Crypto to Buy Now?
Solaxy is building the world’s first Solana layer 2 blockchain. Over the past year, Solana has dominated the crypto industry, with more users and trading volume than any other network.
But one of its main issues is congestion. During peak activity, the network doesn’t have the computing power to process all transactions, leading to delays and sometimes all-out transaction failures.
Solaxy’s layer 2 will handle some of Solana’s workload and use transaction bundling to speed things up. Through this approach, Solaxy will be cheaper, faster, and more scalable than Solana.
The project is generating massive interest right now. It’s currently undergoing a presale and has raised $26 million.
However, experts believe that its success is only just getting started. According to RJ from Cryptonews, it may even “replace” Solana due to its increased transactional capabilities.
Considering that Solana is worth $65 billion and Pi Network is worth $9.4 billion, there’s clearly massive room for Solaxy to grow.
However, the presale price is set to increase throughout the campaign, with the next uptick in just over one day. As such, prospective investors should act fast to secure the most value for money.
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