Pi Network (PI) has skyrocketed 54.47% to $2.42, claiming a self-reported market cap of $15.91B that outranks many established cryptocurrencies, though these figures await verification.
Key Notes
- Pi Network (PI) could be soon listed on leading crypto exchange Binance as 86% of users vote in favor of the listing.
- An analyst predicted that by the end of April, the PI token could be trading above $5.
- PI’s self-reported market cap has surpassed Chainlink (LINK), Litecoin (LTC), Sui (SUI), and others.
The Pi Network (PI) token has made headlines with a massive 54.47% surge in the past 24 hours, now trading at $2.42. With a self-reported market cap of $15.91 billion and a trading volume of $1.54 billion, PI has surpassed several major cryptocurrencies, including Chainlink LINK$14.55 , Litecoin LTC$126.1 , and Sui SUI$2.82 .
[NC] market cap is higher than all the cryptocurrencies other than the top 10. However, CoinMarketCap has yet to verify these figures, adding a layer of uncertainty.
Price Surge After Open Network’s Debut
Pi Network debuted the Open Network last week after six years of promotion, which provided the users of the blockchain with external connectivity. Basically, external connectivity will allow ‘Pioneers’ to “take advantage of Pi’s utilities-backed ecosystem and applications to interface with other compliant networks and systems.”
Another bullish event is the possible listing of the PI token on Binance, the world’s largest cryptocurrency exchange with a massive 24-hour spot volume of $24 billion. A community vote on Binance showed that over 86% of users are in favor of listing PI on the platform, an event that could trigger a price explosion due to massive new demand.
According to crypto influencer “GEM HUNTER” on X (formerly Twitter), PI is going to the $10 price tag in the near future with the Binance listing. The analyst noted that PI is approaching $2 amid a bearish crypto market and could easily hit $5 by the end of April.
PI Token Price Analysis
As clear from the hourly chart below, the RSI (Relative Strength Index) for the PI price action reads a value of 90.88. This indicates that the altcoin is in extreme overbought territory, suggesting a potential retracement or cooling-off period in the near future. On the other hand, the MACD line (blue) remains above the signal line with rising histogram bars, confirming strong bullish momentum.
Source: TradingView
It is also important to note that PI has surged past the upper BB resistance level ($2.41), highlighting heightened volatility and the likelihood of a short-term pullback before continuation. Meanwhile, the $1.85 and $1.29 price levels stand as the nearest resistance levels for the cryptocurrency.