Pi Network Hit by Suspension: Banxa Withdraws Support, But Binance Listing Sparks Hope

Pi Coin faces uncertainty with stalled Binance listing and paused transactions, but upcoming events and token strategies could spark a potential price rally.
Pi Network, the much-talked-about blockchain project, has encountered significant obstacles after hitting a record low earlier this month. Following this, Pi has been trading within a narrow range of $0.60 to $0.65. Although there’s been a stabilization in the price, Pi’s journey to a strong recovery remains uncertain, causing frustration among investors who were hoping for a swift rebound.

Banxa Halts Pi Transactions: KYB Approval and Delays

Compounding concerns around Pi, crypto payment platform Banxa has reportedly paused Pi transactions, likely due to issues around the Know Your Business (KYB) approval process. KYB is a compliance measure used to verify businesses engaged in cryptocurrency transactions, and Banxa may be unable to process Pi-related trades until the approval is granted.

Binance Listing: A Glimmer of Hope or False Hope?

Two months ago, Pi Coin had a community vote on Binance and received the most votes, yet it has still not been listed on the Binance platform. The Pi Network community was hopeful it would be the start of many great things for the token to gain value, but still, nothing from Binance. There is a developing discussion in the community for investors wondering what is going on with Pi and why they have not been able to get a listing on the largest cryptocurrency exchange in the world. By now, individuals are becoming disenfranchised with Pi, especially since they initially voted for it to be listed on Binance.

On April 25, the hope of a Binance listing was jump-started when Binance laid out new listing guidelines, and it caused a renewed sense of leeway in the Pi community. The new guidelines emphasize many different and important factors, with the addition of tokenomics, adoption metrics, fundamentals, and market performance. Accordingly to Binance, any project that has circulating tokens like Pi and has potential trading activity, liquidity, and market performance will get special consideration.

Pi Coin Price Prediction: Compression and Potential Breakout

Currently, Pi is moving sideways and has been somewhat compressed within a wedge-like price pattern. This price pattern suggests that a breakout, whether to the upside or downside, is coming soon. Pi has a resistance level at $0.65, and this level has held as a significant resistance level for some time recently. If Pi Coin can break above this resistance, with volume, of course, we could see a strong rally that would push Pi to new highs. If Pi cannot break above $0.65, we may see a retracement back down to the next level of support at $0.60. $0.60 is an important level, considering that if Pi breaks down through that price level, we could certainly see further declines and possibly be in a downtrend for the Pi Network Coin overall.

Pi Coin: A Token for Long-Term Investment?

Although Pi has gone through many struggles, crypto analyst Dr. Altcoin believes in its future potential. Dr. Altcoin told us Pi Coin has the potential to experience price performance in the future. He believes that Pi Coin could rise sharply in price and that some of that price movement could occur around the Consensus Summit taking place in May 2025. The Consensus Summit is likely a huge event for the crypto ecosystem and should help some of the price action, as we would expect new partnerships, plans, and initiatives to be announced during the Consensus Summit. 

The Road Ahead: Can Pi Overcome the Challenges?

In the end, Pi Coin is still in limbo. Its price has not come back after the recent dip, and the waiting game of not knowing whether it will be listed on Binance and other major exchanges has delayed many potential investors from pulling the trigger. While there is some recent news to look forward to, such as Binance’s listing guidelines and future unlocking events, this still creates uncertainty in the market.