The news has officially added Pi Network to its list of 22 new data feeds in what could be viewed as a revolutionary move for the decentralized Web3 ecosystem supplied by Chainlink. The development took place on Saturday via an official announcement through Chainlink's X account-pivotal to both real-time access to token pricing and potential use in smart contracts, decentralized finance applications, and blockchain games.
It provides decentralized applications (dApps) with reliable and on-chain data for the tokens, further strengthening the security and scalability of the expanding Pi ecosystem. Due to investor interest, the token price has soared beyond 90% compared to the lows it recorded back in April, hitting a recent high of $0.7550, with market cap now exceeding $5 billion.
Pi Network's partnership with Chainlink marks a huge advancement for the altcoin in terms of utility and legitimacy. Thanks to Chainlink's status as a decentralized oracle powerhouse, this integration allows smart contracts to interact with real-world Pi data, thus increasing their usefulness in applications ranging from lending platforms to NFT-based games.
Investors consider this milestone a higher level of distrustworthiness and visibility for the coin in the larger crypto market, thereby likely drawing institutional interest and long-term holders.
On the technical side, the token price action is showing strong signs of bullishness. The token is currently in an upward parallel channel, which usually indicates an ongoing upward price movement. This formation indicates a market wherein buyers are gradually taking over while respecting a phase of short-term consolidation.
Short-term predictions for the Value of Pi Network:
Bullish Scenario: If it successfully continues on this upward trend and retains the demand from Chainlink-driven momentum, the token will be looking at $0.95 in the coming weeks.
Bearish Scenario: In case it shows a loss of bullish momentum or market pullback overall, the token will remain in support between $0.40, owing to volume dried up.
Currently resting at 48.54, the RSI does maintain a modest distance away from the powerful 50 levels, and, if reclaimed decisively, it can see an upswing with pure vigor with MACD hinting bullish as it grounds atop a green histogram.
Chainlink's association would enhance the ecosystem utility and appeal of Pi Network with internal developers, external investors, and dApps. This step enhances the project away from full mainnet deployment, signaling maturity and momentum development.
Cautious is quite reasonable, though. The coin is highly speculative, so be prepared for a lot of price action. With the growing acceptance in real-world applications, the coin mad divers may end up with enormous returns if the bullish structure remains intact.
With a solid technical background, increasing utility through Chainlink, and recovering market capitalization, the altcoin is well set to break through the $1 mark soon. Critical though will be the resistance levels and, macroscopically, the trend of the market.
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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