Pi Network is gearing up for a major ecosystem reveal during Consensus 2025 in Toronto, a key moment for the project’s 60 million-strong user base. The Pi Core Team confirmed that the announcement will go live on May 14, fueling speculation around a potential Binance listing or DeFi integration. The event could mark a major turning point for Pi’s Open Network plans.
Partnership Hopes Rise as Central Node Closes
BREAKING | Pi Node@PiCoreTeam has closed the central node, ready to release the source code – PiNetworkVNes#Consensus2025 is sure to explode… Is Pi Network going to make history?
— The Times of PiNetwork (@PiNetwork24X7) May 14, 2025
The excitement intensified after Pi Core Team shut down its central node and hinted at releasing the source code, steps seen as essential for full decentralization. Pi’s recent outreach to industry giants like Google Cloud and Visa signals a push for strategic partnerships that can anchor its Web3 vision. With excitement building ahead of Consensus2025, the Pi community is buzzing over whether this move could be a historic milestone for the project.
Moreover, the team has announced that all node operators must upgrade to the latest “HORIZON” version to remain connected. Since the update is crucial for the network’s future stability and security. Failure to upgrade may result in disconnection.
MANDATORY If a node operator does not perform this upgrade, their node may be disconnected from the network.
UPGRADE IS VITAL TO THE FUTURE AND STABILITY OF THE PI NETWORK
You can keep your “Node Up to Date & Secure With The Network by upgrading HORIZON.
— The Times of PiNetwork (@PiNetwork24X7) May 14, 2025
Tensions Over Token Access
Despite the hype, user frustrations are mounting. Pi Coin’s unofficial price dropped 15% in 24 hours, and users still can’t fully access or transfer their tokens. Many blame the delayed Open Network progress and limited transparency. Chinese users, in particular, have criticized the project’s centralization and broken promises.
Can Pi Deliver on Its Promise?
While Pi Network showcases zero-fee transactions and a mobile-first Web3 model, its credibility now hinges on delivering actual utility. With top names like Michael Saylor, Vitalik Buterin, and Dr. Nicolas Kokkalis attending Consensus, the stage is set. But the question remains: will Pi finally take off or fall flat under pressure? Well, we have to wait and watch. Right now, all eyes are on today’s event. This could be Pi’s breakout, or its biggest test yet.
Solana (SOL) price is at risk of losing the battle for dominance to Ethereum after the latter recorded a 380% surge in exchange netflows, suggesting that traders may be rotating capital from SOL to ETH. This capital rotation might have a negative impact on Solana and potentially trigger a massive crash.
Solana Price at Risk as Ethereum Inflows Surge 380%
Solana price is at the risk of trending downwards as on-chain data hints that retail traders may be shifting their attention from other altcoins to Ethereum, as the largest altcoin defends the support zone between $1,750 and $1800. This resilience has sparked a 380% surge in ETH exchange netflows in the last 30 days, per IntoTheBlock data, which is an indication that market interest is notably high.
Ethereum Netflows
Besides the surge in exchange netflows, large transaction volumes have also spiked by 133%, hinting that whales are also actively trading ETH as the sentiment around this altcoin changes to “mostly bullish.”
Data from Artemis also supports a bearish Solana price prediction and the thesis that the SOL price is losing its competitive edge over Ethereum after the latter ranked with the highest netflows in the last month. During the same period, Solana did not even rank among the top 20 coins in terms of network netflows.
30-Day Netflows
With the on-chain data favouring Ethereum, the Solana price may be on the verge of a massive crash and could soon lose its critical support level. Such a dip could shift the trend in the SOL/ETH ratio that has been on an uptrend for months after Ethereum underperformed against SOL.
What’s Next for SOL – Crash or Rally?
Despite the on-chain data favouring Ethereum and hinting that the price of Solana may crash soon, analysts have shared different views on the future performance. One analyst on X noted that if SOL fails to sustain the support zone between $140 and $145, it may fall to around $115, at which point holders will register losses. Meanwhile, popular analyst Ali Charts stated that the squeezing Bollinger bands on the four-hour chart hint at a parabolic rally for SOL.
The one-day chart appears to support the bearish thesis around SOL value today as the AO histogram bars turn negative, an indication that the bullish momentum is growing weak. If these bars cross below the zero line, it will confirm that a bearish momentum is at play, which may push the SOL price to $138, and if this level also fails, a crash to $100 may be imminent.
The RSI line is tipping south, albeit remaining above 50, an indication that the selling pressure is increasing, and this may push Solana lower if there is inadequate buying pressure. To invalidate the bearish thesis, buyers need to step in to absorb the sold coins and push SOL past $178, as this will spark an uptrend past $195 to $200.
SOL/USDT: 1-day Chart
Considering the ongoing capital rotation from other altcoins to Ethereum, the Solana price is at risk of a downtrend and could drop lower and possibly retest levels below $120. The declining RSI and red AO bars further confirm that SOL is at risk of a crash happening in the near term.
Altcoin season may be taking shape in a new and less predictable way in 2025. While the market recently saw a brief altcoin rally, analysts believe these mini-cycles will continue to appear before a broader, more sustained shift occurs.
Bitcoin dominance has dropped sharply, and altcoins have started to outperform BTC in the short term, but broader indicators suggest this rotation is still selective. Unlike past cycles, the next altcoin season could be more fragmented, favoring projects with strong fundamentals and execution rather than lifting the entire market.
Bitcoin Dominance Drops to March Lows as Altcoins Gain Ground
Bitcoin dominance has dropped sharply over the past six days, falling from 65.39% to 62.5%—a decline of nearly 5 basis points and its lowest level since March 31.
This shift suggests that capital is beginning to flow away from Bitcoin and into altcoins, weakening BTC’s share of the total crypto market cap.
Bitcoin dominance tracks the percentage of the overall crypto market made up by Bitcoin. A falling dominance level often signals the start of an altcoin season, where smaller-cap tokens outperform Bitcoin.
A notable example occurred in late 2024, when dominance dropped from 61.1% to 55% between November 21 and December 7, sparking a broad altcoin rally. If this trend continues, altcoins could see renewed momentum in the days ahead.
According to Marcin Kazmierczak, Co-founder & COO of RedStone:
“The recent mini altseason reflects growing investor interest in altcoins, driven by or possibly resulting from falling BTC dominance. It’s possible we’ll see sustained rallies, especially as the market matures and more projects gain traction. However, I expect that, unlike past cycles, the market will continue the trend of not all altcoins benefiting equally — projects with strong products and excellent go-to-market strategies will likely outperform, while others may struggle to maintain momentum.” – Kazmierczak told BeInCrypto.
Top Altcoins Outpace Bitcoin This Week, But YTD Gap Remains Wide
Year-to-date, Bitcoin (BTC) continues to dominate most of the altcoin market, outperforming 11 of the top 12 altcoins. The only exception is XRP, which has posted a 23% gain this year, slightly edging out Bitcoin.
This performance gap is one reason the broader market has remained in a Bitcoin-led phase, with capital largely consolidating around BTC rather than spreading evenly across the altcoin space.
However, the trend has shifted sharply in the past seven days. Despite BTC rising 7% during this period, it was outperformed by all of the top 12 altcoins—most notably by Ethereum (ETH), which jumped 43%, and Dogecoin (DOGE), which surged 36%.
This short-term reversal may indicate the early stages of a potential altcoin season. According to Aurelie Barthere, Principal Research Analyst at Nansen, Solana looks bullish:
“We like SOL for strong fundamentals plus stabilizing 50-day moving average vs BTC.” – Barthere told BeInCrypto.
If altcoins continue to sustain this momentum and outperform BTC more consistently, it could signal a broader market rotation away from Bitcoin dominance and into the altcoin sector.
Altcoin Market Cap Rises, But Index Signals BTC Still Leads
The total market cap of altcoins has surged over the past week, rising from $1.07 trillion to $1.30 trillion—a significant increase signaling strong inflows into the altcoin sector.
Despite this growth, the CoinMarketCap Altcoin Season Index has declined from 35 to 31 in the same period, showing that most altcoins are still underperforming relative to Bitcoin.
This disconnect suggests that while money is flowing into altcoins, it’s not yet broad or strong enough across the top 100 assets to trigger a true altcoin season.
The CMC Altcoin Season Index measures whether the market is favoring altcoins over Bitcoin by analyzing the performance of the top 100 altcoins.
If at least 75% of them outperform Bitcoin, it’s considered Altcoin Season; if 25% or fewer do, it’s Bitcoin Season. The index ranges from 1 to 100 and updates daily.
With the current value sitting at 31, the market remains in a Bitcoin-dominated phase, despite the rising altcoin market cap—highlighting that only a limited number of altcoins are driving the gains.
Crypto US stocks are showing mixed performance today, with Core Scientific (CORZ), MicroStrategy (MSTR), and Coinbase (COIN) in focus.
CORZ is down -0.84% in the pre-market and remains one of the worst performers in the sector this year. Meanwhile, MSTR is gaining momentum after a fresh $285 million Bitcoin purchase, pushing its 5-day gains to 16%. COIN is up +0.88% pre-market as it heads into its Q1 2025 earnings report on May 8, trying to recover from a steep YTD decline.
Core Scientific (CORZ)
Core Scientific (CORZ) is down -0.84% in pre-market trading, continuing its recent underperformance. Despite broader strength across crypto-related equities, the stock has struggled to attract buyers.
The company operates one of the largest Bitcoin mining businesses in North America. It provides infrastructure, hosting, and self-mining services through its network of data centers.
CORZ is down nearly 50% year-to-date, making it one of the worst performers among crypto stocks. In contrast, peers like Marathon Digital (MARA) and Coinbase (COIN) have held up much better.
While others benefit from diversification or stronger narratives, Core Scientific remains tied to mining economics—an area hit by rising costs and thinning margins, but that it could have a rebound as BTC rebuilds momentum.
Strategy (MSTR)
MicroStrategy (MSTR) closed yesterday up 3.82%, pushing its year-to-date return to 7.54%. The stock has shown strong momentum alongside Bitcoin’s recent price recovery, with MSTR price up 16% in the last 5 days.
The company, led by Michael Saylor, is best known for its aggressive Bitcoin accumulation strategy. While it originally focused on enterprise software, it has since become heavily tied to BTC’s performance.
Strategy recently purchased an additional $285 million worth of Bitcoin, adding 3,459 BTC to its balance sheet. This brings its total holdings to 531,644 BTC.
The move reinforces the firm’s position as the largest corporate holder of Bitcoin, effectively turning it into a leveraged BTC play for investors.
Coinbase (COIN)
Coinbase (COIN) is trading up +0.88% in the pre-market, showing signs of continued short-term strength. The move comes ahead of a key earnings update.