Pi Coin Surges 56% in 24 Hours, Hits New All-Time High Amidst Market Skepticism

Pi Coin, the native cryptocurrency of the Pi Network, has surged to a new all-time high, defying bearish market conditions and skepticism surrounding the project. The token, which launched on public exchanges just six days ago, has skyrocketed by 56% in the past 24 hours, reaching a peak of $2.4441.

Despite an initial wave of selling pressure following its mainnet launch, which saw the token plummet to $0.6483, Pi Coin has staged an impressive recovery. This rebound signals renewed investor interest in the project, which aims to create an inclusive, utility-driven, and widely adopted cryptocurrency. The Open Network, launched by Pi Network, has unlocked the token's thriving ecosystem, innovative applications, and extensive peer-to-peer network for integration with the broader blockchain world.

Pi Coin's ability to reach a new all-time high is notable, given the broader market's bearish sentiment and initial skepticism surrounding the project. Many critics labeled it a potential rug pull after the token's sharp decline following its exchange debut. However, trading volumes have surged by 47.5% in the past 24 hours alone, reaching $929.6 million. Pi Coin's market cap now stands at $12.5 billion, placing it as the 10th largest cryptocurrency, surpassing established projects like Litecoin (LTC), Chainlink (LINK), and Sui (SUI).

From a technical standpoint, the daily chart shows that the token broke above the $1.70 resistance just a few hours ago as positive momentum accelerated in the past few hours. The Relative Strength Index (RSI) has spiked to oversold levels at 88, which may anticipate an upcoming pullback as early buyers prepare to take profits. The $1.70 level should now serve as a key support zone if Pi Coin undergoes a correction in the coming hours. However, momentum indicators continue to signal a bullish trajectory for the token, suggesting further upside potential.

As the crypto market evolves, other innovative projects are emerging with solutions to persistent industry challenges. One such project is Solaxy, which aims to enhance Solana's scalability and efficiency. The necessity for a robust Layer-2 solution became evident in late January when the launch of Official Trump ($TRUMP) led to network