Pi Network: Analysts are eyeing a massive bullish rally if this key event triggers

The Pi Network has fallen back in recent days, despite the overall recovery of the crypto market, although analysts suggest that an important upcoming event could cause a significant reversal in PI's fortunes. The most recent PI was traded at around $0.61 after falling below the 21-day moving average (DMA) in the context of a bearish breakout from the short-term flag pattern.

This indicates that, in the short term, price risks are trending downwards. The bearish technical outlook in the short term is in sync with the fundamental factors of the falling token. Since the launch of Open Network in February and the price spiking to $3.0 per token, the price of Pi Network has fallen by more than 80% amid the unlocking of major tokens, which may continue to put pressure on the price in the near future.

However, after the recent major recession, the time for recovery may be approaching. And one analyst believes that the catalyst may emerge in just over two weeks. This important catalyst can spark a breakthrough. The famous analyst Dr. Altcoin stated in a recent post on X that: "I am quite confident that the price of Pi could start to rise during the Consensus Summit (14–16 May 2025)."

He added that instead of pumping in "at the end of August when the unlocking of Pi falls significantly". Pi Network is the sponsor of this event, one of the largest summits on the crypto market, and founder Nicholas Kalallis is one of the speakers. The price of Pi Network could recover strongly and return to the Fibonacci retracement level of 50% from the lowest point in April of below $0.40 to a record high of nearly $3.00, which is around $1.70. That could mean a price surge of nearly 3 times the current level. Therefore, now might be a good time for high-risk tolerant investors to consider entering the crypto market. The price of Pi Network is likely to grow well in the long term due to the increasing number of users and the innovative mobile mining model, which promotes widespread adoption and sustainable demand. The project has the potential to reach a new all-time high next year thanks to the launch of its mainnet and the increasing adoption by merchants, thereby significantly boosting utility and confidence in the crypto market.