Pi Network price has done well this week, making it one of the best-performing tokens in the crypto industry.
The token was trading at $0.1742 on Friday, up by 35% from its lowest level this year.
Top reasons why the Pi Network price is doing well
Pi Coin price has done well this week as investors reacted to the ongoing network upgrade.
In a statement, the developers noted that the first stage of the migration to v19.6, which started on Sunday, has completed.
The next stage will be the move to v20, which will start soon.
Ultimately, the network goal is to update the network to v25 of the Stellar Consensus Protocol.
This upgrade will make Pi a faster and more stable cryptocurrency, enhance its security, and add more features, including smart contract support.
Historically, cryptocurrency prices often do well when there is a major network upgrade.
For example, Ethereum price and network activity did relatively well after the recent Fusaka upgrade.
Pi Network price has also done well in the past few days as investors reacted to the recent update from Kraken, a top crypto exchange in the United States.
Kraken, which has millions of users globally and a valuation of over $20 billion, listed the coin on its listing roadmap for the year.
There are rising odds that this listing will happen this year, making it available to millions of customers globally.
READ MORE: The rise and the tragic fall of Pi Network
That listing may lead to such measures by other crypto exchanges like Binance and Coinbase.
Such a move would be a major one, as it has failed to be listed by more exchanges since its mainnet launch.
Pi Network price has also jumped because of the first anniversary of its mainnet launch.
This launch happened on February 20th last year. As such, there is a likelihood that the developers will make a new announcement this year.
The other potential catalyst for the Pi Network price is the upcoming validator rewards distribution, which will happen in March.
These rewards will be awarded to its many validators, many of whom will sell them.
Still, Pi Network faces some major risks. For example, it is still a ghost chain, which has no major developers in the ecosystem.
Also, its recent investments in CiDi Games and OpenMind are yet to have an impact on the ecosystem.
Additionally, the network continues to unlock millions of tokens a month.
Data shows that the network will unlock over 85 million tokens this month and over 1.3 billion tokens in the next 12 months. Token unlocks often lead to a higher supply.
Pi Coin price technical analysis
Pi Network price chart | Source: TradingView
The daily chart shows that the Pi Network price has staged a strong recovery in the past few days. It has jumped from a record low of $0.1300 earlier this month to the current $0.1755.
It crossed the important resistance level at $0.1520, where it formed a double-bottom pattern.
The coin has moved above the 25-day Exponential Moving Average (EMA).
It has also formed a bullish pennant pattern, a common continuation sign in technical analysis.
Therefore, the most likely Pi Network price forecast is bullish, with the next key level to watch being at $0.205.
A move above that level will point to more gains, potentially to the key level at $0.2500.
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