Pi Network's Token Surges 48% in 24 Hours, Market Cap Hits $9.74 Billion

Pi Network (PI) has experienced a significant surge in value, with the token's price increasing by 48% within a 24-hour period, reaching $1.38. This surge has been accompanied by a 172% jump in trading volume, indicating a strong bullish sentiment among investors. The token has broken through key resistance levels at $0.78 and $1.12, with the Relative Strength Index (RSI) hitting 88.89 and the Moving Average Convergence Divergence (MACD) turning bullish. These technical indicators suggest that the upward momentum for pi is likely to continue.

This price surge has propelled pi network into the ranks of top cryptocurrencies, with a market capitalization of $9.74 billion. This places Pi Network ahead of several other prominent tokens, including Hedera (HBAR), Toncoin (TON), Shiba Inu (SHIB), and Stellar (XLM). With Avalanche (AVAX) currently in the 13th position with a market cap of $10.6 billion, Pi Network is poised to enter the top 10 cryptocurrencies by market capitalization.

The technical breakout for PI is supported by a massive increase in volume, with traders showing significant interest in the token. The RSI entering overbought territory at 88.89 has not deterred buying pressure, and the MACD indicates continued bullish momentum. The current bullish trend could push PI toward the $1.50 resistance level, with $2 being the next major psychological and technical barrier.

Several market catalysts are contributing to the price surge of PI. A major announcement from the Pi ecosystem is scheduled for May 14, which has generated significant anticipation among market participants. Additionally, rumors of potential listings on major exchanges, such as Binance, Coinbase, and Upbit, have added to the buying frenzy. Speculation about a potential token burn, which could reduce the circulating supply and further boost the token's value, has also intensified.

Ask Aime: What's driving the Pi Network's price surge?

The broader crypto market's performance has also played a role in PI's surge, with Bitcoin crossing the $100,000 price level after months of consolidation. This broader market momentum has likely contributed to the increased interest and investment in PI, further fueling its price surge. As the Pi Network continues to gain traction and attract more users, its potential to become a top 10 cryptocurrency by market capitalization becomes increasingly plausible.