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Technical indicators suggest that bulls are gaining control, with Fibonacci levels and Elliott Wave projections pointing toward a potential upside move.

PI has been consolidating within this triangle pattern, testing key support at $1.46 and resistance near $1.79. Analysts are noting that this trend is wave (iv) in a larger Elliott Wave cycle, so an upside breakout would confirm the initiation of wave (v). In that event, PI could see a continuation of its bullish trend, testing new resistance levels at $1.64, $1.72, and above $1.87.

Pi Coin has already plotted a bullish breakout of the symmetrical triangle. Source: Kevinraj1120 on TradingView

The market structure remains bullish as long as PI is over $1.46,” a technical analyst said. “A breakout above the triangle’s upper boundary could trigger strong upside momentum.”

The RSI remains neutral, indicating no immediate signs of overbought conditions. However, if bulls fail to sustain the current trend, a breakdown could push PI toward the 0.618 Fibonacci retracement at $1.13, invalidating the bullish outlook.

PI’s strong performance stands out against a broader market downturn. While major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have faced significant losses, Pi Network has defied the trend, climbing to $1.60 and posting an impressive 158% gain from its recent low. This resilience has boosted PI’s self-reported market capitalization to $10.7 billion, positioning it as the 11th-largest cryptocurrency.

Pi Network was trading at around $1.58 at press time. Source: TradingView

One of the prime drivers of this rally appears to be speculation surrounding a potential Binance listing. The exchange with over 200 million users is currently polling on whether to list PI and has garnered almost unanimous support from the community. A Binance listing would arguably contribute to liquidity and market exposure, generating pressure on other large exchanges like Coinbase and Kraken to list as well.

Additionally, the upcoming Know Your Customer (KYC) grace period deadline of February 28 has fueled demand. From and subsequent to this date, only PI mined within the last six months will be eligible for migration onto the mainnet, limiting supply and potentially pushing further price appreciation.

As PI continues to gain traction, analysts are eyeing a return to the $2 mark. The coin had previously rallied to $2 before experiencing a sharp sell-off to drop as low as $0.61. It has since bounced back hard, and technical forecasts point to further upside.

Pi Coin is ranging but maintains an uptrend—breaking the triangle with momentum could signal a move toward $2. Source: Exloseur on TradingView

Predictive sites like CoinCodex are projecting PI to increase 20-25% by the end of February, with some envisioning it going to $2.20 by mid-March. A break above the key resistance at $1.67 would confirm this bullish outlook and open the door for further gains.

But doubts remain. Bybit CEO Ben Zhou has questioned the legitimacy of Pi Network, citing past regulatory issues in China. Pi Network has refuted the claims, emphasizing its six-year track record and strong community support of over 60 million registered users.

Pi Coin is forming an ascending triangle—a successful breakout could push it toward $1.90–$2.00. Source: Raven Cartel via X

In spite of doubts, PI is still traded on major exchanges such as OKX, HTX, Bitget, and Gate.io, which supports investors’ confidence. If momentum persists and a Binance listing occurs, PI can experience more upside, possibly beyond its prior highs.

A confirmed breakout from the symmetrical triangle could see PI rally past $1.87, with the possibility of testing the $2 mark in the near future. However, failure to hold above $1.50 may signal downside risk, potentially leading to another correction.

As PI continues to capture market interest, investors will be closely watching for key technical signals and exchange listing updates that could drive the next major price move.

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