- The Pi Network has delayed its Open Mainnet launch to early 2025, citing the need to enhance inclusivity by increasing KYC completions and meeting application readiness goals.
- Meanwhile, Pi Coin (PI) shows signs of bullish momentum, with potential for a breakout above $50 if resistance levels are surpassed.
The Pi Network, a decentralized platform with a mission to create a more inclusive cryptocurrency ecosystem, is navigating a critical phase. With the Open Mainnet launch pushed from December 31, 2024, to the first quarter of 2025, the project’s timeline and Pi Coin’s price movement are under intense scrutiny. Let’s dive into the reasons for the delay, the implications for PI’s price, and what the future might hold.
Reasons for the Delay
The Pi Network team cited inclusivity and readiness as the main factors for the postponement. Out of 18 million verified users, only 8 million have successfully migrated their tokens to the Mainnet. To address this, the team extended the KYC and Mainnet Migration Grace Period deadlines to January 31, 2025.
Another hurdle is the ecosystem’s application readiness. Although 80 Mainnet-ready applications have been developed, the target was set at 100 for a robust launch. The additional time aims to bridge this gap and ensure a smooth transition.
What’s Next for the Pi Network?
The revised timeline allows the Pi Network to focus on:
- Encouraging KYC completions: Boosting migration numbers to ensure broader participation.
- Enhancing ecosystem stability: Refining the platform for a seamless user experience.
The Open Mainnet is now anticipated to launch in early 2025, a milestone eagerly awaited by the Pi community.
PI Price Analysis: A Bullish Breakout in Sight?
Despite the delay, Pi Coin (PI) is showing promising signs of a bullish breakout:
- Testing Resistance Levels: PI is currently challenging a descending trendline resistance near $50.30.
- Rising Momentum: The Relative Strength Index (RSI) indicates increasing bullish momentum without reaching the overbought zone.
If PI breaks above $50 and sustains this movement, it could rally toward the next resistance levels at $54 and $60. However, failure to surpass $50 might lead to extended consolidation or a retest of support at $46.
Key Levels to Watch
- Resistance: $50.30, $54.00, and $60.00.
- Support: $46.14, $43.43, and $40.00.
Outlook for 2025
The upcoming launch of the Open Mainnet, coupled with increasing migration numbers and market sentiment, will be pivotal in shaping PI’s trajectory. For now, investors and users are watching closely as the network edges closer to its next big leap.
The Pi Network’s journey may have hit a temporary pause, but its commitment to inclusivity and readiness underscores its potential for long-term success.
