Pi Network Token Surges 8% Ahead of Pi2Day Event

The Pi Network token (PI) has experienced a notable surge in the past 24 hours, with an increase of nearly 8% in value. This surge was driven by a dramatic 194.78% increase in trading volume, indicating a strong inflow of fresh interest. Despite this impressive short-term performance, PI remains down over 19% for the month. The token is still nursing a steep 70% loss from its all-time high of $2.98, reached just over four months ago. The project is about to celebrate a significant event, Pi2Day on June 28.

Technical analysis reveals that PI has broken out of a bullish falling wedge formation on the 4-hour chart, a pattern that often precedes sharp upward moves. This breakout confirms bullish momentum. From a Fibonacci standpoint, the token has already reached the 1.618 extension level at approximately $0.6195, where some initial profit-taking is likely occurring. If momentum continues, higher Fibonacci extension targets lie ahead: 2.618 Fib level at $0.7110, 3.618 Fib level at $0.8026, and 4.236 Fib level at $0.8592. These targets suggest that the current price of around $0.6093 could still be significantly undervalued in the short-term, especially as a major event like Pi2Day approaches.

The Relative Strength Index (RSI) has recently cooled off from overbought territory but remains elevated near 65.95, a level that supports continuation rather than immediate reversal. The MACD is strongly bullish, with the MACD line remaining well above the signal line. This technical setup suggests that the current price of PI could still be significantly undervalued in the short-term, especially as a major event like Pi2Day approaches.

Pi2Day is the annual celebration of the Pi Network’s milestones and is rumored to unveil substantial updates, including a KYC Sync upgrade and generative AI integrations. Search interest for “Pi2Day” has hit peak levels, and PI was the most searched asset on CoinMarketCap as of June 25, indicating bubbling retail attention. This event could serve as a key catalyst for the token's price, potentially driving it to higher levels.

However, some holders may be exiting just before this key catalyst hits, potentially missing out on significant gains. The community psychology around Pi is complex, with some users advising against selling too early, especially when the real potential of the token has not yet been fully realized. The project's journey has just begun, and this is not just a minor pump, but perhaps a glimpse of a Mainnet or Major Exchange Listing. Those who have completed KYC may be in a better position to benefit from these upcoming developments.

In conclusion, while the current price of PI may seem attractive to some holders, the technical setup and upcoming events suggest that the token could still have significant upside potential. Holders who sell too early may miss out on the real pump that could occur after Pi2Day. It is important for investors to consider the long-term potential of the project and the upcoming catalysts before making any decisions.