- Pi Network (PI) surged over 150% after hitting an all-time low of $0.60 following its mainnet launch on February 20, currently trading around $1.64.
- The recovery was driven by easing selling pressure from early miners, restored investor confidence after the team addressed Bybit CEO allegations, and speculation about a potential Binance listing.
- PI is forming a Cup and Handle pattern on the hourly chart, testing critical neckline resistance near $1.64.
- A breakout above the resistance could trigger a rally to $2.30-$2.40 (45% upside), while failure may lead to a pullback to the 25-day moving average support.
Date: Mon, February 24, 2025 | 09:20 AM GMT
Pi Network (PI) has been in the spotlight over the past week following the highly anticipated launch of its mainnet on February 20. After experiencing heavy selling pressure, which drove its price down to an all-time low of $0.60, PI has made an impressive recovery, surging over 150%, according to CryptoRank. Currently, the token is trading around $1.64.
What’s Behind PI Coin the Recovery?
Pi Coin’s strong 150% rebound has been fueled by several key factors:
1.Easing of Selling Pressure – The initial wave of heavy sell-offs from early miners has diminished as many have already exited their positions, allowing the price to stabilize and recover.
2.Restored Investor Confidence – The Pi Network team addressed and denied allegations made by Bybit’s CEO, which previously caused uncertainty in the market. This clarification has helped boost investor confidence.
3.Speculation of a Major Listing – Market optimism has been further fueled by speculation about a potential Binance listing, sparked by a recent community voting poll. If listed, it could drive significant liquidity into PI.
Cup and Handle Pattern Formation
On the hourly chart, PI has exhibited a Cup and Handle pattern, a bullish continuation formation that typically signals further upside once the price breaks above the neckline resistance.
Currently, PI is testing this critical neckline resistance zone near $1.64. A confirmed breakout from this level could trigger a significant rally, potentially sending the price toward $2.30 to $2.40, representing an additional 45% upside from current levels.
However, failure to break above this resistance could lead to a short-term pullback. In that scenario, the 25-day Moving Average (MA) will act as the next key support level to watch.
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