Pi Network Eyes $0.40 as Whale Buys $130M in PI

• A certain whale is accumulating PI despite bearish sentiment.
• Analysts think the $0.40 barrier is crucial for PI’s future price development.
• The whale now holds over 376 million PI tokens valued at over $130 million.

A cryptocurrency whale engaged in persistent PI coin accumulation could form the tailwind behind the cryptocurrency’s recovery from a protracted bear pressure. 

Data shows that the whale now holds over 376 million PI tokens valued at over $130 million. Meanwhile, analysts believe the cryptocurrency would need to overcome the $0.40 barrier to flip user sentiment into a bullish narrative.

Whale Accumulation Continues

The buying spree started in August and hasn’t slowed. The most recent move came just last Sunday, when the whale added 667,403 PI to his holdings; a purchase valued at roughly $231,500. Analysts note that this kind of steady accumulation at depressed levels often precedes a sharper bounce, particularly when broader sentiment is weak.

The whale’s identity remains unknown. Some speculate he could be a major backer with inside knowledge of the project’s direction. Others believe he’s simply an opportunistic trader positioning ahead of the next cycle. Either way, the scale of accumulation has set a floor under the token and raised expectations among retail traders watching the charts.

PI struggles under the $0.40 barrier

PI’s price remains suppressed despite bouncing off an all-time low. According to TradingView’s data, PI traded at $0.3558 at the time of writing, not far from its all-time low of $0.3223. The cryptocurrency’s trend pattern since July, after falling below $0.40, confirms the price level to be a significant landmark.

It is worth noting that PI has attempted to reclaim the $0.40 resistance by climbing above it, only to face repeated pullbacks. Hence, the crypto market observers consider the actions of the identified whale interesting, while focusing on his capacity to trigger a rally that could push PI north of the $0.40 landmark.

Converging triangle forms on the PI/USD daily chart

Technically, analysts are pointing to a converging triangle pattern on the daily PI/USD chart. A breakout from that setup could drive a move back toward the $0.40 zone.

But without strong buying momentum beyond the whale, traders caution that failed retests of this resistance could lead to another leg down.