Pi Surges 158% Amid Crypto Sell-Off, Eyes Binance Listing

The Pi Network (PI) price has surged to $1.60, marking a 158% increase from its lowest point on Friday, according to CoinMarketCap. This impressive rally comes amidst a broader cryptocurrency sell-off, with most major coins experiencing double-digit losses and 24-hour liquidations soaring by 477% to $1.57 billion. The total crypto market cap declined by 6%.

The Pi Network's mainnet launch last week has sparked significant interest, with its self-reported market capitalization jumping to $10.7 billion, making it the 11th-largest cryptocurrency. The project's recent performance stands out as blue-chip tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX) have all crashed by over 10% in the last 24 hours.

A key factor driving Pi's rise appears to be speculation surrounding a potential listing on Binance, the world's largest crypto exchange. Binance is currently conducting a poll on whether to list Pi, with a majority of users voting in favor. A Binance listing would expose Pi to the platform's 200 million users worldwide and could also introduce Pi to Binance's futures market. This would put pressure on other tier-1 exchanges like Coinbase, Upbit, and Kraken to follow suit.

The Pi Network price is also climbing ahead of the upcoming Know Your Customer (KYC) grace period deadline on Feb. 28. After this date, pioneers will only be able to migrate Pi coins mined in the past six months to the mainnet.

The hourly chart shows that Pi was trading at $1.60 on Tuesday, aligning with an ascending trendline connecting the lowest swings since Feb. 22. This diagonal support forms part of an ascending triangle pattern, a popular bullish continuation signal. Pi Network's price has also moved above the 25-period moving average, indicating that bulls remain in control. A breakout above the $1.67 resistance level would confirm the bullish outlook and potentially push the price toward its all-time high of $2.20, marking a 36% increase from current levels.