Pi Network's mainnet migration process concludes: What will PI price be next?

Pi Network's long-awaited Mainnet migration deadline has finally arrived. The network has provided a grace period for users to complete the Know Your Customer (KYC) process and migrate their balances. March 14 marks the last chance for users to complete these steps. Those who don't will lose most of their mobile balances, except for PI mined for six months before migration.

The migration deadline is an important point for the Pi community, as it decides who will be part of a fully operational Mainnet The expansion aims to allow as many users as possible to verify their balance and proceed to the next phase of the project. Although the deadline has been extended several times, Pi Network developers emphasize that it will not be extended any further. The project has always focused on inclusivity and accessibility, encouraging participants to complete their verification process early. With the launch of Open Network rekindling interest in Pi, many inactive users had the opportunity to go back and complete their migration. However, those who missed today's deadline will see their balances lost. The grace period rules remain unchanged, meaning any unverified balances will not be transferred to the Mainnet after today. Pi Coin struggles despite reaching migration deadline While the moving date is significant, PI Coin's performance in the market remains weak PI is trading at $1.52, having fallen 6.87% over the past 24 hours and down 16% over the past week. Market sentiment is negative, with traders looking to position themselves for the continuation of the downtrend. Futures market data shows that traders are leaning towards short positions, i.e. the majority of expectations of further price declines The funding rate is negative, which is a signal that sellers are in control. PI is currently facing stiff resistance at $1.54. If this level fails to hold, further downward pressure is likely to increase, with the support at $1.3093 being the next important level to watch If this support fails to hold, the PI could drop to an even lower level of $1.2928, where buyers may attempt to stabilize the price. PI Network needs to break above $1.54 to regain momentum The absence of bullish momentum can be seen, with every attempt to break the resistance failing. If this situation persists, PI will likely struggle to gain momentum in the short term. But a breakout of this resistance could be a signal that the dynamics are about to change, with the next major target at $1.5980. Adding to the volatility, the overall performance of the broader cryptocurrency market can also impact the price direction of the PI. If sentiment in the altcoin market improves, PI can expect to see more buying activity. But if market conditions remain poor, PI may resume its downtrend. If the migration is completed by a sufficient number of holders, confidence in PI can be strengthened, which can lead to price stability On the other hand, if the transition is not seamless, selling pressure may become stronger.