Pi Network’s price has shown signs of recovery, reaching a new high as the project releases updates and partnerships blossom. This week’s news highlights key developments impacting the cryptocurrency’s future performance.
**TransFi Integration Brings Fiat On-Ramp Access:** The TransFi on-ramp program has recently completed its Know Your Business (KYB) verification, allowing Pi Network users to convert PI tokens into local fiat currency seamlessly through their Pi Wallet. This marks a major milestone in the project’s integration with mainstream financial systems.
**Chainphon Listing Drives Trading Activity:** Chainphon, a blockchain platform based in Dubai, has added PI to its decentralized trading platform and listed it as a trading pair on August 12th. This listing brings the token into an ecosystem of renowned exchanges, including OKX, Gate.io, Bitget, further increasing visibility and adoption.
**Price Outlook: Optimism Builds Amidst Recent Rebound:** The PI token has rebounded about 10% in the past week, reaching just below $0.40. Market analysts like Alpha Crypto Signal point to a potential breakout above its recent resistance at $0.38-$0.40 as bullish momentum builds.
**Long-Term Outlook: Concerns Remain:** While this week’s rally offers optimism for the future of Pi Network, it’s worth noting that the token remains significantly below its peak value of approximately $3 witnessed earlier in the year. Moreover, concerns about the rising number of PI tokens stored on centralized exchanges are adding to market pressure. The upcoming 30-day token unlocks could potentially lead to further price volatility.
**What This Means:** Pi Network is actively shaping its landscape through strategic partnerships and innovative features. The token’s future hinges on continued development and adoption, alongside the ongoing journey of managing its token distribution.