Pi Network’s native token PI has staged an impressive 30% rally in the past 24 hours, positioning it as one of the most talked-about tokens in the market. Investor interest remains robust as the community anticipates a potential reclaim of the $2 mark—a level PI exited earlier this year.
The surge in PI’s value is largely attributed to heightened community engagement. Data from CoinMarketCap’s Community Sentiment tool reveals that PI has a bullish sentiment score of 88%, indicating that a significant majority of market participants expect the token’s rally to continue. This sentiment is mirrored in PI’s trading volume, which spiked 155.25% to $597.53 million in the past 24 hours—the highest trading volume recorded in the last month.
Technical indicators provide further insight into PI’s market momentum. The Relative Strength Index (RSI), currently at 76.13, suggests that the token is in overbought territory. Typically, an RSI above 70 indicates that a corrective phase may be imminent as some investors might choose to take profits. However, the Moving Average Convergence and Divergence (MACD) indicator tells a slightly different story. The MACD line remains above the Signal line and has crossed into the positive zone, implying that buyer activity is still strong despite potential short-term corrections.
On the 1-day chart, PI has encountered a resistance level that aligns with the RSI-predicted corrective phase. If PI can sustain its bullish sentiment and maintain trading volume, it could break through this resistance and target the $2 level—a key milestone that marks the peak of its previously exited descending channel.
In summary, while PI’s recent rally has captured market attention, traders should keep an eye on key resistance levels and market sentiment to gauge the token’s next move. Should investor interest remain intact, PI could potentially reclaim the $2 mark in the near term.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Pi Network Ranks 6th in Finland – Can It Sustain Momentum Ahead of Consensus 2025?
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