Pi Network rises sharply ahead of major announcement on May 14, price approaches 0.8 USD

Although facing resistance below the $0.80 threshold, the price of Pi Network (PI) continues to rise to the sky, recording double-digit gains for two consecutive days. According to data on Friday, the PI token is trading around $0.75, up more than 16% on the day. This bullish momentum comes not only from the overall optimistic sentiment in the crypto market but also from expectations of an important announcement from the Pi Network development team on May 14. FOMO mentality increases ahead of major announcement The Core Team of Pi Network has recently hinted at an “important disclosure” that will take place on May 14, raising many speculations in the community. Many investors believe that it could be an announcement regarding the listing of Pi on Binance – the largest exchange in the world today – or another notable milestone related to the launch process of the mainnet (Mainnet). This information was released shortly after Pi Network announced a major update on May 2nd, making the ecosystem more user-friendly and accessible to global users. Specifically, users who have verified their identity (KYC) – both completed and temporary – can activate their Mainnet wallet through the Pi Wallet app. Furthermore, third-party services can now also create Mainnet wallets for new users after they complete KYC, rapidly expanding access to the network. Technical signals support the bullish trend Since April 30, the SuperTrend indicator has issued a strong buy signal as the indicator line changed from red to green and is below the current price – indicating that a bullish trend is clearly forming. Additionally, the price breaking out of the previously extended downward resistance line also confirms a new rise, according to the 4-hour chart. However, the profit-taking pressure around the $0.77 region is causing the bullish momentum to somewhat stall. Coupled with the overbought signal on the technical indicators, there is a possibility that PI will experience a slight correction before the end of the week. Nevertheless, the main trend remains bullish, especially if the price can break the resistance at $0.80 – the next important psychological level. Aiming for an open network and global acceptance The long-term goal of Pi Network is to transition to an Open Network - an open network that allows free transactions outside the current ecosystem. By improving access to the Mainnet wallet and expanding the scale of KYC users, Pi is laying the groundwork for this transition. The upcoming announcement on May 14 is likely to act as a catalyst for a new price explosion, if the content is convincing enough and has a strong impact on investor confidence.