Date: Sun, February 23, 2025 | 04:05 AM GMT
n the cryptocurrency market within the last 24 hours, Pi Network (PI) has made a strong bounce back after facing a drop with the initial launch of its mainnet on February 20, where the price fell to a low of $0.60 due to early miner sell-offs and concerns about the project’s legitimacy.
However, in the last 24 hours, PI Coin price has made a bullish rally, surging over a massive 100% gain.
Why PI Coin Price is Up?
The following factors have directly contributed to PI’s recovery today:
1. Sell-Off by Miners Weakens
One of the primary reasons for the initial price decline was the mass selling by early miners who accumulated PI tokens before its mainnet launch. As many of these sellers have now exited their positions, selling pressure has eased, allowing the price to stabilize and recover.
2. Pi Network Responds to Allegations
A swift response from the Pi Network team helped to reverse sentiment. On 22 Feb, The team publicly addressed and denied the allegations made by Bybit CEO Ben Zhou, which had previously fueled uncertainty. This clarification boosted market confidence, bringing PI to make a recovery.
3. Potential Binance Listing
Adding further momentum to the rally, speculation regarding a potential Binance listing has excited the community. A Binance voting poll currently indicates that 85% of participants favor listing PI, which has increased investor optimism.
What’s Ahead?
On the hourly chart, PI has made an impressive recovery from its key support at $0.60, surging to a 24-hour high of $1.72 before consolidating around $1.49.
Currently, PI is approaching a descending trendline resistance, which will be a critical test for the bullish momentum. If buyers manage to push the price above this resistance, PI could move toward the next major psychological level at $2.50.
In terms of potential retracement, support levels to watch include $1.21 and $1.00. Holding above these levels will be essential for maintaining the short-term bullish trend.
The MACD indicator on the hourly chart shows bullish momentum, with the MACD line trending above the signal line, indicating that buying pressure remains strong. If the trend continues, further upside movement could follow in the coming sessions.
Final Thoughts
Pi Network’s price action over the last 24 hours signals a strong recovery after a facing a initial listing drop. The combination of positive sentiment from the project’s response to allegations and growing speculation about a Binance listing has fueled the rally. However, breaking above the descending trendline resistance will be crucial for confirming a continued upward trend.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.