Whales are quietly accumulating! Pi Network has launched an AI-accelerated KYC system, and large investors have withdrawn over 3.4 million PI.

Pi Network (PI) has been consolidating above $0.3500 for the fifth consecutive day, as the recently launched artificial intelligence "Know Your Customer" (( KYC) system has failed to immediately boost investor sentiment. However, the significant decrease in wallet balances on Centralized Exchanges (CEX) and the active movements of large Whales suggest that major investors are quietly buying the dips, preparing for a potential price breakout.

Pi Network Launches AI-Driven Fast KYC Feature

Pi Network announces the launch of a faster KYC process and more AI features, which will allow network users (commonly referred to as pioneers) to initiate their mainnet Wallet before completing 30 mining sessions.

This feature is currently available only to eligible users who have fewer conversations than previously required. Faster KYC only allows the activation of the mainnet Wallet and does not support the mainnet migration of PI tokens.

This improvement aims to accelerate the user verification process, addressing long-standing bottleneck issues within the Pi Network ecosystem, while maintaining the security and integrity of the network.

Sign collaborates with Pi Network community to hold an event in Seoul

The Ethereum-based digital verification protocol Sign protocol will announce its collaboration with Pi Network at a community meet-up in Seoul on September 22. The meet-up will start at 10:30 GMT, during which the CEO of Sign Xin Yan will have a conversation with a co-founder of Pi Network (name yet to be determined).

This collaboration may bring more practicality and broader application scenarios to the PI Network, further enhancing its position in the cryptocurrency ecosystem.

Whales are accumulating in large quantities: CEX wallet balances are decreasing, and large holders continue to buy.

PiScan data shows that due to investors increasing their holdings at lower prices, the CEX Wallet balance has net outflow of 1.08 million PI coins. Generally speaking, a decrease in exchange reserves usually indicates a reduction in selling pressure, which may support a price increase.

What is even more striking is that data from PiScan shows that out of the five highest transaction volumes on the network, four were from large wallet investors (commonly known as "Whales"), who collectively withdrew over 3.4 million PI coins, confirming a significant increase in demand. Typically, an increase in whale activity is seen as an early signal of a trend reversal, suggesting that prices may soon rise.

Technical Analysis: PI continues to consolidate, selling pressure decreases

(Source: Trading View)

Pi Network broke through 0.3500 USD, entering a larger consolidation range between the support level of 0.3220 USD and the upper limit of 0.4000 USD. If the closing price breaks through 0.4000 USD, it may continue to rise to the level of the closing price of 0.5032 USD on June 22.

The momentum indicator on the daily chart remains unchanged, and the Keltner channel maintains a sideways consolidation, indicating a decrease in volatility. At the same time, the relative strength index (RSI) is flat at 50, indicating that trend momentum has weakened.

However, the cumulative/distribution line is -283 million, slightly higher than Thursday's -289 million, indicating a decrease in selling pressure. This indicator aligns with the data showing increased Whale activity, further supporting the potential for an upward movement.

If PI breaks below 0.3200 USD, the integer level of 0.3000 USD may become a direct support level.

Investor Outlook

As the Pi Network continues to improve its technological infrastructure and expand partnerships, investors should pay close attention to the following key factors:

· Efficiency improvement of AI-driven KYC systems

· Specific details of the Sign protocol cooperation and its impact on the Pi ecosystem.

· The continuous accumulation behavior of large whales

· Breakthrough of the key resistance level at 0.4000 USD