The price of Pi Network’s token, Pi, has been on an unpredictable journey lately, with the token experiencing notable price fluctuations. The most recent downturn saw the coin drop by 4%, falling to a value of $1.45. This came after a brief period of optimism where Pi surged by 20% to hit $1.70, only for the price to correct and drop back down. Despite this setback, new developments surrounding Pi Network have sparked renewed interest and optimism among its community. There are still high hopes that Pi could once again break through its resistance level and potentially even reach $3.

At the moment, Pi’s price support sits at $1.20, and if it falls below this level, it could signal further downward movement, leading to concerns over the coin’s future. On the other hand, resistance is pegged at $1.90. If Pi can break through this barrier, it would likely trigger bullish momentum, with a potential price target of $3 being the next key milestone for the coin. Achieving this would be a significant win for Pi holders, and many are watching closely to see whether the price will break out of its current range.

The Struggles Around Pi Day Celebrations

Pi Day, a highly anticipated event for Pi Network, failed to live up to expectations, leading to a substantial sell-off. The event’s misstep can be attributed to several factors, most notably the KYC (Know Your Customer) purge. During this process, millions of unverified accounts were removed, causing those users to lose their Pi tokens. This resulted in widespread frustration among the community and triggered panic selling, which further contributed to the token’s price drop.

Apart from the KYC issue, the lack of open access to the Pi Network’s blockchain and the absence of major exchange listings continue to pose challenges. Pi Network currently operates within a closed-loop ecosystem, meaning its tokens are not yet traded on major crypto exchanges. This restriction has limited the token’s growth potential and hindered its ability to tap into the broader crypto market. Additionally, the lack of open blockchain access has raised concerns among investors and traders, contributing to a general sense of uncertainty surrounding Pi’s future.

Renewed Excitement Amid New Developments

Despite the setbacks surrounding Pi Day, there is still optimism within the Pi Network community, particularly following new developments within the network. The introduction of Pi domains and the ability to participate in domain bidding using Pi Coins has reignited interest in the token. Community members are excited about securing unique domain names in the decentralized space, which could have long-term utility in Web3.

This move has been viewed as a potential game-changer for the Pi Network, as it represents a tangible application of Pi Coin in the Web3 ecosystem. The ability to use Pi Coins for domain names provides real utility for the token, and if the network continues to roll out such practical use cases, it could help drive Pi Coin adoption and raise its value.

What Lies Ahead for Pi Network?

The future of Pi Network largely depends on its ability to build a more robust utility, gain broader adoption, and continue delivering on its roadmap. One of the main factors that could significantly affect Pi’s price is the network’s potential to gain listings on major cryptocurrency exchanges. Once Pi can be freely traded on top exchanges, the liquidity and exposure for Pi could increase dramatically, allowing the coin to break through its current price resistance.

Moreover, the Pi Network needs to prove that its ecosystem is viable in the long term. The more practical uses Pi Coin has, the more likely it is to attract both individual users and institutional investors. If the Pi Network can demonstrate consistent development and establish strong partnerships within the crypto and blockchain space, it may have the potential to climb back to its previous high points, with $3 still a possibility for the coin in the near future.

In conclusion, while Pi Network has faced some hurdles, including the aftermath of the Pi Day disappointment and the challenges surrounding its ecosystem’s limited access, the recent excitement sparked by new features such as Pi domain bidding has reignited investor confidence. The next few months will be crucial in determining whether Pi can break through its current resistance and push toward new highs. For now, the possibility of reaching $3 remains in the realm of potential, though the network’s success will depend on how it evolves and gains broader adoption in the crypto space.