Key Highlights
PI is testing its descending trendline resistance near $50.
RSI indicates growing bullish momentum while staying below the overbought zone.
A confirmed breakout above $50 could spark a rally.
The Open Mainnet launch has been postponed to Q1 2025 for enhanced inclusivity and readiness.
Delay in Open Mainnet Launch
Originally scheduled for December 31, 2024, the Open Mainnet launch for the Pi Network has been pushed to the first quarter of 2025. Announced on December 20, the delay stems from the team’s focus on ensuring a robust, inclusive ecosystem.
The Pi Network team emphasized the importance of allowing more users to complete their Know Your Customer (KYC) process and migrate tokens to the Mainnet. Out of 18 million verified users, only 8 million have successfully migrated their tokens. Enhancing these numbers is critical to a fair and inclusive launch.
In a recent update, the team revealed that improved processing speeds have enabled nearly 200,000 users to migrate daily, a pace that has brought the total Mainnet-ready users to over 8 million.
Additionally, the team is working to meet their target of 100 Mainnet-ready applications. Currently, 80 applications are prepared, with this shortfall cited as another reason for the delay.
Updated Timeline and Next Steps
The Open Mainnet is now expected to launch in early 2025. To facilitate this transition, the team has extended KYC and Mainnet Migration Grace Period deadlines to January 31, 2025.
This extension gives users more time to finalize the necessary steps to secure their PI holdings. The Pi Network team remains committed to ecosystem stability and has urged users to complete their migrations promptly to participate fully in the Mainnet launch.
PI Price Analysis: Breakout on the Horizon?
PI's price action shows signs of brewing bullish momentum.
The 4-hour chart reveals a descending trendline resistance, a key level stemming from the October 2024 high of $100.
After hitting a low of $42, PI has consolidated within a range, with resistance at $56 and strong support at $46.
Currently, PI is testing resistance near $50.30. A sustained move above this level could trigger further upward momentum.
The Relative Strength Index (RSI) indicates growing bullish momentum but remains below the overbought zone, suggesting room for further gains.
However, failure to break out could lead to extended consolidation or a retest of the $46 support.
The Road Ahead
As the Open Mainnet launch approaches, market sentiment and developments surrounding the network will play a pivotal role in shaping PI’s price trajectory. For now, a breakout above $50 could mark the beginning of a bullish rally, making PI one to watch closely in early 2025.
