• Pi Network has maintained a consolidation phase over the last couple of weeks.
• The largest Pi token whale acquired 3.73 million coins on Monday, expanding the holding to 371 million PI.
• The CEXs’ wallet reserves record a net outflow of 2 million PI tokens. 

Pi Network (PI) trades above $0.34 at press time on Tuesday, extending the sideways trend. Capitalizing on low prices, the largest Pi token wallet address by holding acquired 3.73 million additional PI tokens on Monday. 

Declining CEXs' reserve signals a demand surge 

PiScan data shows that a large wallet investor, commonly referred to as a whale, withdrew 3.73 million PI tokens from OKX exchange on Monday, expanding the hodling to 371 million tokens. 

Whale wallet address. Source: PiScan

Adding to the increased PI token demand, Centralized Exchanges (CEXs) wallet reserves have declined by 2 million tokens over the last 24 hours. Typically, an outflow from CEXs indicates an increase in retail demand. 

CEXs wallet balances. Source: PiScan

Pi Network stands at a crucial crossroads 

Pi Network edges higher by nearly 0.5% at press time on Tuesday, extending a sideways trend above $0.34. The mobile mining cryptocurrency flattens out within a larger falling channel pattern on the daily chart. 

A potential bounce back in the PI token, underpinned by retail demand, could target the upper resistance trendline near $0.3700. 

Momentum indicators flash mixed signals on the daily chart as PI stands at a crucial crossroads. The Relative Strength Index (RSI) at 44 moves flat below the halfway line, indicating muted buying pressure. 

Additionally, the Moving Average Convergence Divergence (MACD) sustains an uptrend, hovering above its signal line, suggesting a bullish shift in trend momentum. 

PI/USDT daily price chart.

Looking down, a potential drop below the August 1 trough of $0.3220 would mark a fresh record low, potentially targeting the $0.3000 round figure.