XRP Price Prediction For March 6

Pi Network’s native token, PI, has bounced back following a few days of decline. It has noted a 6% gain in the past 24 hours to trade at $1.47 at press time. 

The recovery comes ahead of Pi Day on March 14. There is also growing market speculation about a potential Binance listing.

PI Gains 21% as Traders Gain Confidence

PI has jumped 21.3% over the past 24 hours, driven by growing speculation over a potential Binance listing and the upcoming Pi Day announcements on March 14. 

This date also marks the deadline for KYC completion and the migration of PI holdings from the mobile app to the Mainnet. These upcoming developments have triggered a new wave of PI demand, putting upward pressure on its price.

The steady rise in PI’s Relative Strength Index (RSI) reflects the surge in buying activity among spot market participants. The momentum indicator is in an upward trend and poised to break above the 50-center line at press time. 

When an asset’s RSI is attempting to cross above its 50-neutral level, it signals a shift in momentum from bearish to bullish. This suggests that buying pressure is increasing, potentially leading to further price gains if the trend continues. 

A confirmed move above 50 would reinforce positive sentiment around PI and attract more traders looking for upward momentum.

Furthermore, its positive Chaikin Money Flow (CMF) confirms this bullish outlook. This indicator, which tracks how money flows into and out of PI, is above zero at 0.16.

This trend indicates that buying pressure is stronger than selling pressure among PI traders. It signals that investors are confident in the asset, increasing the likelihood of further price appreciation.

PI Eyes Recovery After Steep Drop—Can It Reclaim $2?

PI has steadily declined, plummeting over 19% in the past week. This has pushed its price under a key price level of $1.62, which forms significant resistance. If the bullish trend persists and the demand for PI soars, its price could attempt to breach this level.

A successful break above $1.62 could propel PI above $2 and closer to its all-time high of $3.

On the other hand, a resurgence in profit-taking would invalidate this bullish projection. If selloffs spike again, PI’s price would resume its downtrend and fall to $1.34.

The post Pi Network Token Posts Double-Digit Gains as Investors Gear Up for Pi Day appeared first on BeInCrypto.

Solana’s price has faced significant volatility over the past week due to recent market troubles. This has led to a sharp decline in its futures market sentiment as leveraged traders appear reluctant to take bullish positions. 

This lack of confidence increases the risk of a further price drop, with SOL eyeing a dip below the $130 level in the near term.

Solana Struggles as Traders Exit

SOL’s negative funding rate is an indicator of the waning bullish bias among its futures traders.

According to Coinglass data, SOL perpetual futures have maintained a negative funding rate for the past three days, indicating that short sellers are paying to hold their positions. At press time, this stands at -0.0060%.

The funding rate is a periodic fee exchanged between long and short traders in perpetual futures contracts to keep the contract price aligned with the spot market. 

As with SOL, when this rate is negative, it means that short sellers (those betting on a price decline) are paying fees to long traders, indicating a bearish sentiment in the market.

Therefore, more traders are positioned for a price drop, reinforcing the downward pressure on the coin’s price. 

Moreover, the lack of confidence among SOL futures traders is reflected by its plummeting open interest. At press time, this is at $3.94 billion, falling 19% since the beginning of March. 

An asset’s open interest tracks the total number of active futures contracts that have not been settled.

When this falls, especially during a period of price decline, it suggests that traders are closing positions without opening new ones. This confirms the reduced conviction in a short-term SOL price recovery among its futures traders. 

Solana Bulls Weaken—Can They Prevent a Drop Below $130?

At press time, SOL trades at $137.70, resting just above the support floor of $136.62. As bullish sentiment tapers, this level risks being flipped into a resistance zone.

Should this happen, SOL’s price could slip below $130 to exchange hands at $120.72.

On the other hand, if bullish momentum returns to the SOL market, this bearish projection will be invalidated. In that scenario, new demand could drive the coin’s price to $182.31.

The post Solana (SOL) Futures Market Hints at More Losses Below $130 appeared first on BeInCrypto.