Pi Coin Surges 35% in 24 Hours, Breaks $1 Mark

Pi Network has made a significant breakthrough, surpassing the $1 mark for the first time in nearly two months. At the time of reporting, Pi Coin (PI) is trading at $1.28, marking a 35% increase in the past 24 hours and a 114% surge over the past week. This substantial upward movement follows a period of accumulation, with the token trading around $0.75 on May 9 and reaching a low of near $0.40 in April.

Technical analysis indicates that Pi has broken out of a prolonged accumulation phase with strong momentum. The price has risen above key short-term and mid-term moving averages, including the 10-day, 20-day, and 50-day EMAs and SMAs, all of which are currently signaling a "buy" opportunity. This structure supports continued upward movement as long as the price remains above these levels.

The relative strength index (RSI) stands at 85, suggesting overbought conditions. However, in a strong trend, assets can remain overbought for extended periods. The moving average convergence/divergence (MACD) is in bullish territory, reinforcing the strength of the current move. If buyers continue to dominate and the price consolidates above $1.20, the next target could be the psychological resistance at $1.50, followed by a retest of the $2 zone. Momentum and volume currently favor this outcome.

A short-term pullback is possible given the overbought RSI. If Pi drops below the $1.12 support level, it may revisit the $0.85–$0.90 range. However, the uptrend remains intact unless the price breaks below $0.75 with significant volume.

The rally appears to be driven by a combination of ecosystem developments and market speculation. On May 14, the Pi Network team is expected to announce a major update, which has sparked optimism across the community. The timing also aligns with the upcoming Consensus 2025 Summit, where Pi’s founder is scheduled to speak.

In the lead-up to the event, traders and large entities have been accumulating PI, including platforms like BANXA. There are also rumors of a possible Binance listing, following a community vote where 86% supported the move. While unconfirmed, this has added fuel to the rally.

According to crypto analyst Dr. Altcoin, the current price action may only be the beginning. In an April 27 post on X, he noted that Pi’s rally might gain real momentum during the Consensus 2025 Summit, rather than in late August when token unlock pressure is expected to ease.