Pi Network's Cryptocurrency Surges 35% to $1.28 in 24 Hours

Pi Network’s cryptocurrency has surged past the $1 barrier, marking a significant milestone in its market performance. At the time of reporting, PI was trading at $1.28, reflecting a 35% gain over the past 24 hours and an impressive 114% increase over the past week. This surge follows an extended accumulation phase where PI traded around $0.75 on May 9 before climbing rapidly. The token had previously bottomed out near $0.40 in April.

The momentum behind this price surge is supported by substantial trading activity, with 24-hour volume jumping to over $1.4 billion—a 152.8% increase. Despite the current rally, PI remains 57.3% below its all-time high of $2.99 set on February 26. From a technical perspective, PI has broken above all key moving averages, including the 10-day, 20-day, and 50-day EMAs and SMAs, with all indicators flashing “buy” signals. This technical structure supports continued upside movement as long as prices maintain these levels.

Technical indicators suggest that PI is currently in overbought territory, with the Relative Strength Index (RSI) reading 85. While this typically signals a potential pullback, assets in strong uptrends can remain overbought for extended periods. The Moving Average Convergence/Divergence (MACD) indicator has also moved into bullish territory, reinforcing the strength behind this price action. The MACD line remains above the Signal line and has crossed into positive territory for the first time in this cycle, suggesting buyer dominance in the market.

If buyers maintain control and price consolidates above $1.20, the next target could be the psychological resistance at $1.50, followed by a potential retest of the $2 zone. However, a short-term pullback remains possible given the overbought RSI. If PI drops below $1.12 support, it may revisit the $0.85-$0.90 range. The uptrend would remain intact unless the price breaks below $0.75 with volume.

Community sentiment toward PI is overwhelmingly positive, with CoinMarketCap’s sentiment tool showing an 88% bullish score. This indicates that most market participants expect the rally to continue. Several catalysts appear to be driving this rally, including an expected major update from the Pi Network team on May 14 and the upcoming Consensus 2025 Summit, where Pi’s founder is scheduled to speak. In preparation for these events, traders and large entities have been accumulating PI tokens.

Market rumors of a possible Binance listing have added fuel to the price surge, following a community vote where 86% supported such a move. While unconfirmed, these rumors have contributed to the positive market sentiment. According to crypto analyst Dr. Altcoin, the current price movement might only be the beginning. In a post on X dated April 27, he suggested Pi’s rally might gain substantial momentum during the Consensus 2025 Summit. The token currently faces resistance on the daily chart, which aligns with the RSI-predicted corrective phase. This suggests PI may briefly decline from current levels before potentially resuming its upward trajectory. If PI successfully converts this resistance level into support, it could trend toward the $2 region, which represents the peak of its previously exited descending channel.