Pi Network: The Impact of KYC and ISO 20022 on PI's Recent 15% Surge

Pi Network: 2 major reasons why PI rose 15% today

Pi Coin (PI) has experienced a notable 15% increase in value over the past 24 hours, largely driven by strategic developments within its ecosystem, including progress in KYC verifications and plans for ISO 20022 integration. Investor sentiment has turned bullish, suggesting ongoing growth potential.

Key Takeaways

The 15% price increase is attributed to the completion of additional KYC verifications and prospective ISO 20022 integration.
Increasing Open Interest and a positive Funding Rate suggest a preference for long positions, indicating that upward price momentum could continue, potentially reaching $0.6.
Pi Coin has maintained a bullish trend, with factors supporting its market growth.

Positive Trends in the Pi Network Ecosystem

The Pi Network team has recently announced that KYC verification has been completed for an additional 3.36 million users, known as Pioneers. This follows the successful implementation of an AI-driven system, which allowed 4.76 million KYC applications to be fully verified, bringing the total number of verified users to 2.69 million. These developments show Pi's commitment to adhering to international standards while preparing for ISO 20022 integration, which aims to align its ecosystem with global financial data exchange protocols.

Source: Piexplorer

However, Fen Leng, a core contributor to Pi, clarified via X (formerly Twitter) that the network migration process is ongoing. He emphasized that rumors about the completion of this migration are not accurate. “$Pi Testnet2 is currently still at v19 and has not yet been successfully upgraded to v23, so don’t believe any rumors,” he stated.

Investor Sentiment Boosts PI

In light of these announcements, investor sentiment towards Pi has dramatically shifted towards the positive. According to data from CoinMarketCap, 92% of the 4.4 million investors monitoring Pi have expressed a bullish outlook, reflecting growing accumulation activity.

PI community sentiment chart. Source: CoinMarketCap

This optimism is mirrored in the derivatives market, where traders are increasingly betting on future price gains. Data from Coinalyze indicates that the Funding Rate has become positive at 0.0055%, and Open Interest rose to about $33 million within the past 24 hours. The positive Funding Rate and rising Open Interest suggest that many Pi contracts are leaning towards long positions, implying that bullish price momentum could continue.

Technical Analysis Points to Potential Breakout

As of the latest updates, PI is fluctuating at a vital technical point, entering a resistance zone that often results in price corrections. However, current sentiment and technical indicators hint at a possible breakout.

PI price chart. Source: TradingView

The Relative Strength Index (RSI) remains in a strong bullish area at 65, indicating solid buying pressure. If PI manages to surpass this resistance level, it could potentially rise to the range of $0.5 to $0.6, revisiting its peaks from May. With increasing derivative activity and consistent improvements in its ecosystem, PI seems well-positioned for further upward movement and may achieve new market highs.