Pi Coin (PI) Price Soars 35% as Market Awaits the Project's Mainnet Launch

An unexpected surge swept through the cryptocurrency market, with ripples now being felt as Pi Coin (PI) experienced a staggering 35% price surge in just 24 hours.

According to the latest data from CoinMarketCap, the remarkable ascent saw the token reaching $1.29, catapulting its market capitalization beyond $8 billion.

This impressive leap coincided with a massive wave of whale activity—a staggering 90 million Pi coins were spotted transferring across exchanges, igniting a 278% increase in trading volume that soared past the $1 billion mark.

What’s more, rumors of a possible Binance listing swirled, quickly heating up the gossip among crypto enthusiasts. Some noted “test transactions” from Binance, suggesting that the renowned exchange might soon host Pi, further fueling the speculative chatter.

Adding to the anticipation, the Pi Core Team has been actively purchasing Pi from exchanges to stabilize its price following recent distributions, and they also teased a major announcement on May 14.

Technical Analysis: Unraveling the Chart Signals

A technical analysis of the chart signals an unfolding story of bullish momentum. Pi Coin currently clings to key Exponential Moving Averages (EMAs), and technical analysis indicators like MACD and RSI point towards continued bullish trends.

However, it’s worth noting that the RSI level is indicating overbought conditions at 91.61. Still, optimism is high for breaking the $1.35 resistance level. Success here could propel Pi towards the $1.80 mark—a significant threshold from past highs.

What’s Next for Pi Network?

As the broader crypto market experiences a rally, new narratives are unfolding. Kaspa (KPA) and Peanut (NUT) have also joined the triple-digit percentage gainers club, showcasing a broader shift in altcoin performance.

However, analysts advise cautious optimism. Concerns remain regarding the project’s Mainnet status, and there were previous allegations of a scam.

Despite these issues, the broader crypto market has been performing well, and if the good times continue, then it could spell bad news for those still holding onto stablecoins.