Date: Tue, February 25, 2025 | 09:04 AM GMT
The cryptocurrency market has faced a major sell-off in the last 24 hours, with the total market capitalization shrinking by 7.18%. Bitcoin (BTC) has dropped over 6%, while altcoins have suffered even heavier losses, with Ethereum (ETH) declining by more than 10% in the past day.
However, amidst this market downturn, Pi Network (PI) has shown impressive resilience, trading in green with notable gains around $1.565 This price action marks a strong recovery, as PI has already surged over 139% from its all-time low of $0.60.
Could This Move Spark a Rally?
The 2-hour chart reveals that PI initially made a strong recovery from its low of $0.60, forming a Cup and Handle pattern, which was invalidated as it failed to break out. However, the price is still consolidating within the key resistance zone of $1.43–$1.70, currently hovering around $1.55.
If bulls manage to push the price above this resistance, it could trigger a rally toward $2.30–$2.40, which represents a 54% increase from the current levels.
On the downside, the $1.43 level serves as crucial support, and failure to hold above this level could lead to a retracement in the short term.
Final Thoughts
Despite the broader market’s bearish trend, Pi Network (PI) is showing impressive strength. A breakout above the current resistance zone could ignite a major rally, potentially pushing the price toward new highs. Additionally, speculation around a potential Binance listing has fueled positive sentiment, which could further drive demand for PI.
For now, traders should closely watch the resistance at $1.70 and the support at $1.43 to gauge the next significant move.
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