Pi Network Price Forecast: PI explodes toward $1.00 on generative AI integration optimism

• Pi Network rallied in double digits, testing resistance at the 100-period EMA on the 8-hour chart near $0.66.
• After marking 100 days since the launch of Open Network, the Pi Network team eyes generative AI integration.
• Support at the 50-day EMA around $0.59, alongside a MACD buy signal, could boost the uptrend toward $1.00.

Pi Network (PI) is on the move, rallying in double-digit gains to trade at around $0.63 at the time of writing on Wednesday. The breakout extends the recovery from the weekend sell-off to $0.46, buoyed by sentiment surrounding the potential integration of generative Artificial Intelligence (AI).

Pi Network steadies uptrend on community sentiment 

The Pi Network team hinted at the possibility of integrating GenAI after the protocol marked the first 100 days since the launch of the Open Network blockchain. A panel discussion featuring Nicolas Kokkalis, the project’s co-founder, as reported by FXStreet, boosted social buzz, with positive sentiment ticking higher.

Santiment data shows elevated mentions on social channels, including X, Telegram and Reddit. Based on the Social Volume chart below, the buzz around PI has steadied this week, reaching 35 on Wednesday.

Pi Network Social Volume metric | Source: Santiment 

Positive sentiment rose in tandem with social volume, as observed in the chart below. A steady increase in sentiment has the potential to sway price action upward.

Pi Network Social Sentiment metric | Source: Santiment

The Pi Network team is expected to provide details of co-founder Kokkalis’ panel discussion, which may confirm the plausibility of GenAI integration. Interest in the intersection of AI and blockchain technology continues to gain momentum in the broader cryptocurrency market, which may explain the hype surrounding the June 28 announcement.

Technical outlook: PI upholds uptrend, aiming for $1.00

The PI price presents bullish technical signals, starting with the Moving Average Convergence Divergence (MACD) indicator, as it rebounds around the midline. A buy signal confirmed on Monday continues to influence risk-on sentiment, encouraging traders to seek exposure to the token.

The 100-period Exponential Moving Average (EMA) resistance at $0.66 and the 50-period EMA at $0.59 on the 8-hour chart below could influence the direction the PI price takes in upcoming sessions or days. A price movement above the resistance level could drive the PI price upward toward $1.00.

PI/USDT 8-hour chart

On the contrary, PI could claw back the gains accrued in the last few days if the 50-period EMA support at $0.59 fails to hold. The weekend low of around $.46 remains an area of interest to traders, at least until PI breaks above the $1.00 level and the descending trendline resistance.