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crypto.news 2025-05-12 06:54:16

Pi Network breaks past $1 with 35% daily gain after long accumulation phase

Pi Network breaks past $1 with 35% daily gain after long accumulation phase

Pi Network has surged past the $1 mark for the first time in nearly two months. At press time, Pi Coin ( PI ) is trading at $1.28, up 35% in the past 24 hours and 114% over the past week. This sharp upward move follows weeks of accumulation , with the toke trading around $0.75 on May 9 and bottoming out near $0.40 in April. Pi’s 24-hour trading volume has also spiked to over $1.4 billion, a 152.8% increase. Despite the rally, Pi is still down 57.3% from its all-time high of $2.99 set on Feb. 26. Looking at the technical picture, Pi has broken out of a long accumulation phase with strong momentum. Price has climbed above all key short-term and mid-term moving averages, including the 10-day, 20-day, and 50-day EMAs and SMAs, which are all currently flashing “buy” signals. This structure supports continued upside as long as the price holds above these levels. Pi Network price analysis. Credit: crypto.news The relative strength index is at 85, suggesting overbought conditions, but in a strong trend, assets can remain overbought for extended periods. The moving average convergence/divergence is in bullish territory, reinforcing the strength of the move. You might also like: A 90-year-old theory suggests the Pi Network price may surge soon If buyers continue to dominate and price consolidates above $1.20, the next target could be psychological resistance at $1.50, followed by a retest of the $2 zone. Momentum and volume currently favor this outcome. A short-term pullback is possible given the overbought RSI. If Pi drops below the $1.12 support, it may revisit the $0.85–$0.90 range. However, the uptrend remains intact unless it breaks below $0.75 with volume. The rally appears to be driven by a combination of ecosystem developments and market speculation. On May 14, the Pi Network team is expected to announce a major update, which has sparked optimism across the community. The timing also aligns with the upcoming Consensus 2025 Summit, where Pi’s founder is scheduled to speak. In the lead-up to the event, traders and large entities have been accumulating PI, including platforms like BANXA. There are also rumors of a possible Binance listing , following a community vote where 86% supported the move. While unconfirmed, this has added fuel to the rally. According to crypto analyst Dr. Altcoin, the current price action may only be the beginning. In an April 27 post on X, he noted that Pi’s rally might gain real momentum during the Consensus 2025 Summit, rather than in late August when token unlock pressure is expected to ease. Read more: Pi Network, what’s in store for 2025?

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