- Wallet tagged ODM accumulates 315M PI, fueling exchange listing rumors.
- Technical indicators show bearish momentum, with possible oversold reversal signs.
- Market watches token unlocks as volatility builds near support levels.
A high-volume wallet tagged ODM is stirring conversation across the Pi Network community. Its growing balance and withdrawal activity from OKX have triggered speculation over the wallet’s purpose and potential ties to the Pi Core Team.
In PiScan data, several prominent transactions involve PI tokens transferring out of OKX to a wallet address called ODM. Two large ones, which withdrew 2.8 million and 3.5 million PI tokens, brought the total balance to more than 315 million tokens.
This concentration has caused many people to suspect a home strategy. Others also assume that the wallet is planning a buyback campaign, listing tokens on an exchange, or supplying liquidity.
Community members have likened the activity to the initial actions of the Bitcoin wallets known as Satoshi. Adding to the foregoing is the fact that the intentional movement in conjunction with its non-public self-identification keeps the forums and trading platforms distrustful.
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Technical Signals Show Weak Momentum, Oversold Conditions
Meanwhile, the PI token continues to reflect broader market uncertainty. Current trading on OKX places PI/USDT at $0.4410, with the trend direction pointing lower.
Candles appear below the simple moving average of 20 days, which indicates continuous strong selling pressure. This is supported by the current trend of falling high and falling low.
The price is currently at the lower one or the lower band of $0.4236 in Bollinger Bands, which indicates possible oversold pressure. The close range of the tightening bands also indicates low volatility and that a breakout may take place in either direction.
At the current 34.99, the RSI is bullish with confirmation of the bearish momentum, but is not yet in the oversold state. This will have some space to see it reverse in case the demand grows closer to the existing assistance.
Price support is observed at about $0.4236, with resistance at the middle Bollinger band, about $0.4764. A bounce or breakdown of this range is likely to define short-term direction.
Source: Tradingview
Strategic Perspective: What the ODM Wallet Might Signify
Potentially, the wallet plays a role in stabilizing the market, as it is connected to the Pi Core Team. Aggression in accumulating large quantities could assist in mitigating the effects of new unlocks and reducing downward pressure.
Since the beginning of July, more than 100 million tokens of the PI project have been introduced to the market. More are being released soon, which will prepare the market for possible added volatility.
While traders await confirmation, the ODM wallet’s actions continue to shape market sentiment. Its presence remains central to current speculation about Pi Network’s next move.
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