The Pi Network price continues to rise in a high-volume environment, beating other popular cryptocurrencies. This surge has coincided with the ongoing adoption and the rising optimism that it will soon be listed on Binance. As a Made in USA crypto, there are some signs that the SEC will approve a Pi coin ETF, a move that would push its price higher.
How High Can Pi Network Price if SEC Approves Pi ETF?
The SEC, under Donald Trump, has become more friendly to the crypto industry. It has already ended major lawsuits on companies like Uniswap, Coinbase, and Gemini.
There are also hopes that the SEC will start approving various crypto ETFs. The most notable ones are Solana, XRP, and Litecoin.
Pi Network has some qualities that would make one of the big financial services companies to apply for a spot ETF. It is a large crypto with a market cap of $13.6 billion and a fully diluted valuation of $195 billion. This makes it bigger than other ETF candidates like Litecoin and Hedera. It is also a Made in USA coin, which Trump is focusing on.
Further, Pi Network cannot be classified as a security since it is a proof of work coin like Litecoin and Bitcoin. As such, Pi cannot be accused of being a security since the developers never had a token sale. These features also mean that the Pi Network may be added into Trump’s crypto reserve.
A Pi Network ETF would likely be a good catalyst for the coin as others have done. For example, the XRP and LTC prices rose as ETF approval odds rose.
Pi Network Price Analysis: Can it Surge to $100?
The value of Pi coin was at $1.97 on Wednesday, meaning that it needs to rise by almost 5,000% from the current level. Such big moves are possible in the crypto industry. For example, Mantra price has jumped by almost 30,000% since December 2023. As such, a Pi coin ETF would be a validation and help to quell concerns that Pi Network was a scam.
Pi Network price has some solid technicals as it has just formed a falling wedge pattern on the hourly chart. A falling wedge often leads to a bullish reversal, which explains why it has risen to the highest point since March 2. Pi also wants to flip the key resistance level at $1.96, the highest level on March 3.
Therefore, the Pi coin token will likely continue rising as buyers target the key level at $3.01. Such a rally would be a 52% surge from the current level. More gains, potentially to $5 will be confirmed if it rises above that price.
A drop below the support at $1.5177, its March 2 low, will invalidate the short-term bullish view. Such a move will point to further downside, potentially to the next key support at $1
Frequently Asked Questions (FAQs)
Pi needs to surge by almost 5,000% to get to $100. Such a surge is possible as the coin gets hype and attention from investors because of the ETF approval.
Pi coin has a bullish outlook since it formed a falling wedge chart pattern on the hourly chart.
The SEC needs a Pi ETF application first, and then it can review it. It is unclear whether any company will apply for the ETF soon.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/can-pi-network-jump-to-100-if-the-sec-approves-a-spot-pi-coin-etf/
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