Pi Network whales are accumulating 3.73 million PI! The price is stabilizing at 0.34 USD, is a bullish rebound imminent?

Pi Network (PI) has been consolidating sideways for the past few weeks, but on-chain data shows that whale activity has surged after approaching historic lows, with the largest holding address accumulating 3.73 million PI in a single day, increasing its holdings to 371 million. At the same time, centralized exchange (CEX) wallet reserves saw a net outflow of 2 million PI, indicating that retail demand is heating up, providing potential momentum for a price rebound.

Whale Accumulation and CEX Outflows: Demand Signals Strengthen

(Source: PiScan)

Whale action: PiScan data shows that the largest holdings wallet withdrew 3.73 million PI from a large CEX, increasing its holdings to 371 million.

CEX Wallet Changes: A net outflow of 2 million PI within 24 hours usually indicates that the tokens are being transferred to self-custody Wallets, reducing the circulating supply.

Market Interpretation: Large withdrawals and a decrease in exchange balances are often related to short- to medium-term price increases.

Technical Analysis: Key Crossroads

(Source: Trading View)

Current price: above 0.34 USD, daily increase of about 0.5%

Pattern: The daily line is still within a large downward channel, but approaching the upper resistance trend line (around 0.3700 USD)

RSI (Relative Strength Index): 44, positioned below the midline, indicating that buying pressure remains limited.

MACD (Moving Average Convergence Divergence): Continuing to rise and positioned above the signal line, indicating that momentum is likely to shift towards bullish.

Potential Trend Scenario

Bullish Scenario

Whales continue accumulation + CEX outflows continue

Breaking through the 0.3700 USD resistance may open up upward space.

Short-term target: $0.38–$0.40 range

Bearish Scenario

If it breaks below the low point of August 1 at 0.3220 USD

may refresh the historical low and test the psychological barrier of 0.3000 US dollars

Investors' Focus

On-chain data: Whale Wallet and exchange balance changes

Technical breakout: $0.3700 resistance and $0.3220 support

Market sentiment: Will retail demand continue to heat up?

Conclusion

The Pi Network is currently in a potential bullish environment with reduced supply and Whale accumulation, but the technical aspect still needs to break through key resistance to confirm the rebound trend. If the bulls can hold above $0.34 and push up to above $0.37, a short-term rebound may unfold; conversely, a drop below $0.3220 could trigger a new round of selling pressure.