PI’s price has seen a slight rebound recently, coinciding with new updates from the project behind the token. In this article, we’ll cover the most noteworthy developments as of late.

Recent Ecosystem Updates

Pi News an X account disclosing developments related to the controversial cryptocurrency project Pi Network recently revealed that TransFi has officially completed its KYB (Know Your Business) process as a verified third‑party fiat on‑ramp partner. 

This allows clients of the fintech platform to buy and convert PI tokens directly with local fiat currency since the entity is integrated with the Pi Wallet. Pi Network acknowledged the news on its official profile on X, adding that TransFi, Banxa, and Onramp.money remain the only KYB-verified on-ramp partners of the project. 

Another update includes the support from Chainphon. The Dubai-based blockchain platform listed PI on its decentralized application on August 12, adding the PHONE/PI trading pair. 

Thus, it added its name next to more popular entities that have previously embraced Pi Networks native cryptocurrency, including OKX, Gate.io, Bitget, and others. 

PI Price Outlook

The token managed to recover some lost ground over the past week, rising by 10% during that period and currently trading just below $0.40. The resurgence has brought back some optimism among the PI community.

X user Alpha Crypto Signal assumed the asset is currently forming a clean cup and handle pattern on the 4H timeframe. They outlined the $0.38-$0.40 range as the crucial support for this bullish setup, envisioning a potential rally to $0.50-$0.52. 

MOON JEFF also chipped in, claiming that Pi Network is among the few layer-1 blockchains with real users. Everything in PI is very organic. This is one of the few good things about the Network. Humans will pump it up, he added. 

It is worth noting that, despite the evident rebound over the last seven days, PIs price remains significantly below its peak of roughly $3, witnessed in February of this year. Moreover, numerous altcoins performed much better than it in the past week, and the asset is no longer part of cryptos top 50 club. 

More Pain Ahead?

The number of PI tokens stored on centralized crypto exchanges continues to grow and recently hit a new all-time high of over 411 million.

Nearly half the amount is held on Gate.io, while Bitget comes in second with 141.1 million coins. The rising figure could be interpreted as a bearish sign since it increases the immediate selling pressure. 

The upcoming token unlocks are another worrying factor. Over the next 30 days, more than 167 million PI will be freed up, with almost 10 million set to be released on August 16 alone. While the upcoming unlocks arent as daunting as in previous months, they could still contribute to another downward movement.

PI Token Unlocks, Source: piscan.io