Pi Network’s Cryptocurrency Captures Market Attention with Strong Recovery

Pi Network's cryptocurrency has shown strong recovery in recent trading, rising well above the psychologically important $1.00 level. The digital asset is now tracking toward key resistance at $1.34, with technical indicators mixed and anticipation high ahead of a major announcement from the Pi Core Team.

What Happened: Pi Network's token price has soared in the past seven days, gaining 86% to reach $1.25 at the last check on Monday morning. The token's daily trading range saw a low of $1.02 and a high of $1.32.

The cryptocurrency's market capitalization is currently estimated at about $8.9 billion, while its fully diluted valuation stands at approximately $13.7 billion. The circulating supply is roughly 7.1 billion PI tokens out of a total supply of 10.9 billion. The maximum supply for Pi Network is capped at 100 billion tokens.

The Relative Strength Index (RSI) has climbed above 70, entering overbought conditions. Typically, overbought assets either correct or continue rallying for extended periods.

The Chaikin Money Flow (CMF) indicator shows positive readings, suggesting sustained capital inflow into Pi Network. This metric indicates strong buying interest that could support further price increases.

Support is at the $1.00 level, which is a psychological price point that could be critical for future performance. Maintaining this level could allow for continued upward movement.

Resistance levels to watch include $1.29, followed by $1.47 and $1.71, based on Fibonacci retracement levels and previous price action. Breaking through these barriers would require renewed momentum.

Related Link: CEX Now Hold 287 Million $PI Coins – Major Movement Expected Tomorrow

Why It's Important: Market participants are positioning themselves ahead of a major announcement from the Pi Core Team, scheduled for May 14 at the Consensus conference in Toronto.

While specific details remain undisclosed, speculation within the community ranges from an Open Mainnet launch to potential partnerships with technology firms and payment networks. Rumors of possible Google Cloud or Visa integrations have also emerged.

Some traders are buying Pi Network in anticipation of positive news, leading to a classic "buy the rumor" scenario, commonly seen in cryptocurrency markets.

However, market sentiment remains cautious as many users still face restricted access to their tokens due to incomplete migrations and unprocessed KYC issues.

Exchange data from Token Terminal indicates that centralized platforms now hold over 287 million PI coins. Bitget leads with 100.6 million PI, followed by OKX with 33.2 million PI. These balances raise concerns about potential selling pressure if large holders decide to exit their positions.

If Pi Network manages to breach resistance at $1.34, analysts suggest the next target could be $1.64. Conversely, if selling pressure increases significantly, prices could fall back toward support levels at $0.87 or $0.78.

At the current price point, Pi Network remains approximately 55% below its February 2025 high of nearly $3.00, highlighting the volatility that has characterized this cryptocurrency's trading history.

As of Monday morning, Pi Network is trading at $1.24, still holding above the crucial $1.00 support level as traders await the upcoming announcement for potential implications on the token's price trends.output: Pi Network's (CRYPTO: PI) price has shown strong recovery in recent trading, rising well above the psychologically important $1.00 level. The digital asset is now tracking toward key resistance at $1.34, while technical indicators are mixed and anticipation runs high ahead of a major announcement from the Pi Core Team.

What Happened: Pi Network's token price has soared in the past seven days, gaining 86% to reach $1.25 at the last check on Monday morning. The token's daily trading range saw a low of $1.02 and a high of $1.32.

The cryptocurrency's market capitalization is currently estimated at about $8.9 billion, while its fully diluted valuation stands at approximately $13.7 billion. The circulating supply is roughly 7.1 billion PI tokens out of a total supply of 10.9 billion. The maximum supply for Pi Network is capped at 100 billion tokens.

Technical analysis reveals potential warning signs despite the strong price performance. The Relative Strength Index (RSI) has climbed above 70, entering overbought conditions.

Typically, overbought assets either correct or continue rallying for extended periods. In this case, Pi Network has remained in overbought territory for several days.

The Chaikin Money Flow (CMF) indicator shows positive readings, suggesting sustained capital inflow into Pi Network. This metric indicates strong buying interest that could support further price increases.

Support is