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Simon Chandler
Author
Simon Chandler
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Why Trust Cryptonews
Pi Network (PI) has gained by 3% in the past 24 hours, rising to $1.70 as the cryptocurrency market as a whole suffers a 1% loss today.
PI remains down by 9% in a week and by 36% in a month, but it has recovered by an impressive 35% since hitting a one-week low of $1.26 on Sunday.
This reflects a strong resurgence in momentum, and with PI remaining one of the most talked-about and hyped new coins right now, it certainly has the potential to experience some very strong gains over the medium and longer term.
Is Pi Network the Best Trade Right Now? PI Price Surges from Recent Lows
Looking at Pi Network’s one-hour chart, there’s a chance that it could dip again in the next one or two days, based on recent patterns.
For instance, its 30-period average (orange) recently overtook the 200-period average (blue), while its RSI (purple) also rose above 70.
The last time this happened, its rallying petered out and flatlined for a day or two, before dipping quite strongly.
Of course, there were macroeconomic reasons for this dip, so there’s no guarantee that PI’s price will wane again in the near term.
Yet its indicators do suggest that it’s near a short-term top, and that traders may benefit from holding off before buying the coin.
Having said that, PI remains 42% down from its all-time high of $2.99, so in the medium- and long-term it arguably remains oversold and underpriced.
So investors playing a long game may benefit from buying now, regardless of fluctuations in the next day or so.
Indeed, Pi Network is already one of the most popular altcoins in the market despite only launching its mainnet on February 20, with 4.2 million followers of its X account.
And its community is currently excited because tomorrow is Pi Day, 3.14, something which could help to give the coin some extra publicity, if nothing else.
What would probably help the token most of all would be some new listings by major exchanges, with Coinbase, Binance and Kraken (among others) yet to add the alt.
If one of them does begin supporting it, the coin could witness another big rally, perhaps even entering a phase of price discovery.
Assuming that this happens, and assuming that recent tariff issues don’t worsen, Pi Network could reach $2 by the end of the month and $5 by H2.
New Altcoins with Stronger Fundamentals
While Pi Network certainly has a big community, it’s arguable that it still doesn’t offer much in the way of utility, with its platform still not having an entry on DefiLlama for TVL.
As such, some traders may prefer to invest in alternatives, with certain newer coins showing not only lots of momentum right now, but also plenty of long-term potential.
Probably one of the most exciting new coins of all is Solaxy (SOLX), a new layer-two network for Solana that has now raised a hefty $26 million in its ongoing presale.
Solaxy’s presale has already done so well because it’s addressing a genuine demand within crypto, which is for a sidechain that will make Solana easier, cheaper and more reliable to use.
Even though Solana has undergone significant upgrades in the past couple of years, it still processes a high percentage of failed transactions, while it even encounters congestion and delays during peak traffic.
Solaxy is addressing all this, offering Solana users faster transactions and lower fees, while also providing instant bridging between itself and Solana.
What’s exciting is that Solaxy’s team also plans to expand its compatibility over time, meaning that the L2 will be capable of bridging with other chains beyond Solana.
And because SOLX will be necessary to pay for the L2’s fees, it’s likely to see its price rise in parallel with Solaxy’s growth.
Investors can buy it at a discount now by going to the Solaxy website, where SOLX currently costs $0.001662.
This price will continue to rise every few days until the presale ends, at which point SOLX will list, and potentially surge.
