TL;DR
- Popular AI chatbots like ChatGPT see potential for PI to experience a significant price increase this month.
- However, a pump above $1 is unexpected, while some bearish factors hint at a possible pullback.
Is There a Chance for a Rally?
Pi Network’s native token has followed the overall revival of the crypto market, charting a 3% price increase over the past 24 hours and currently trading at around $0.35 (per CoinGecko’s data). However, this remains far below the bulls’ desired targets, and we decided to ask three AI chatbots what could be PI’s top this month.
ChatGPT estimated that ecosystem developments and the continuous rally of the entire crypto market in September can fuel a further price rally for the asset. It said a pump to $0.47 might be possible if momentum holds.
On the other hand, ChatGPT suggested that a plunge below the support level of $0.34 might result in a correction to $0.30 or even lower.
The massive token unlocks scheduled for the following weeks support the bearish scenario. Over 130 million PI will be freed up in the next 30 days, with a record 13.2 million tokens scheduled for release on September 21. The development doesn’t guarantee a price decline, but it will allow people to offload coins they have been waiting for a long time, thereby increasing the selling pressure.
Grok, the AI chatbot built into the social media platform X, also outlined several factors that may positively impact PI’s valuation this month. Among the ones are potential protocol upgrades, strong user growth, and excitement surrounding the speech of Dr. Chengdiao Fan (one of Pi Network’s co-founders) at TOKEN2049 in Singapore at the start of October.
The chatbot estimated that the best-case scenario for PI in September is to climb to $0.50 by the end of the month.
For its part, Perplexity presented a conservative forecast of $0.42 and an optimistic one of an ascent towards $0.75. The chatbot noted that some community members have recently set $1 as a target. However, climbing that high would require a combination of strong market catalysts.
Another Worrying Factor for the Bulls
When trying to predict PI’s future price movement, it is worth considering the rising amount of tokens stored on crypto exchanges. The figure has reached a new all-time high of almost 440 million, with nearly 50% of those held on Gate.io.
The shift from self-custody methods to centralized platforms is often considered a pre-sale step. Additional offloading of tokens increases the supply on the open market, and when this is not matched by growing demand, it typically results in a price downtrend.
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