Pi Coin Surges 35%, Hits $1.29: What’s Behind the Rally?
Pi Network’s native token, Pi Coin, skyrocketed by 35% over the past 24 hours, reaching $1.29 and crossing a market capitalization of $8 billion, according to CoinMarketCap. This dramatic surge propelled Pi ahead of established cryptocurrencies like Litecoin (LTC) and Bitcoin Cash (BCH).
The primary catalyst behind this rally appears to be an intense wave of whale activity, with over 90 million Pi coins reportedly moved across exchanges. This substantial movement triggered a 278% spike in trading volume, which surpassed $1 billion, drawing heightened retail investor attention.
Adding to the bullish sentiment is the growing speculation about a potential Binance listing. Observers noted “test transactions” on the Binance platform, fueling optimism that Pi Coin may soon be available on one of the world’s largest cryptocurrency exchanges.
Meanwhile, the Pi Core Team is actively purchasing Pi from exchanges to stabilize the price following recent token distributions. Furthermore, a major announcement is anticipated on May 14, which has amplified market excitement.
On the technical front, Pi Coin continues to exhibit strong bullish momentum. It remains comfortably above key Exponential Moving Averages (EMAs), while indicators like MACD and RSI signal continued upward movement. However, the RSI currently sits at 91.61, suggesting that the token is in overbought territory.
If current trends persist, Pi Coin could soon break resistance at $1.35 and potentially target $1.80, a significant level observed in March.
Despite the impressive rally, analysts urge caution. Pi Network faces questions around its mainnet status, limited transparency, and past scam allegations. These concerns mean investors should remain vigilant and perform thorough due diligence.
Still, Pi’s remarkable performance places it among the top-performing altcoins this week, alongside Kaspa (KAS) and Peanut (PNUT), amid a broader cryptocurrency market rally.
As excitement builds, all eyes are now on the upcoming May 14 announcement, which could further influence Pi’s trajectory.
