2025-5-12 12:59 |
The Pi Network token price has surged dramatically, crossing the $1 mark, while overtaking established layer 1 cryptocurrencies like Avalanche (AVAX), Litecoin (LTC), and Bitcoin Cash (BCH), among others, in market capitalisation.
This meteoric rise, fueled by a 68% gain in a single day and a 163% increase over the past week, has propelled Pi Network’s market cap beyond $11 billion, securing its position as the 15th largest cryptocurrency.
Trading volumes have spiked to over $1.5 billion, reflecting intense market interest and liquidity, while the token’s price peaked at $1.66 on Bitget before settling near $1.50 at press time.
Notably, this rally follows a volatile period post-mainnet launch, when Pi Network surged to $3.41 but crashed 85% to an all-time low of $0.40 in April.
Pi Network price analysisFrom a technical analysis point of view, Pi Network’s price has broken out of a consolidation phase, climbing from a low of $0.73 to a high of $1.30, and has already broken past the critical resistance at $1.40.
This breakout was preceded by the formation of a higher low at $0.75 on May 8, followed by a decisive move above the $0.75 resistance on May 9, accelerating the upward momentum.
Technical indicators support the bullish trend, with the Relative Strength Index (RSI) at 87 and the Moving Average Convergence/Divergence (MACD) showing increasing strength, though the RSI’s overbought condition suggests a potential short-term pullback.
Pi Network price chart | Source: TradingViewThe $1.40 level, a key horizontal and Fibonacci resistance, is pivotal; if the token stays above it, we could see an attempt at, potentially challenging the all-time high of $3.41.
Conversely, failure to breach $1.40 may lead to a retracement to support levels at $1.12 or $0.85–$0.90, with the uptrend remaining intact unless the price falls below $0.75.
The surge in trading volume, up 600% to over $1.5 billion, underscores the market’s conviction in this rally, while the token’s ability to flip Avalanche, Litecoin, and Bitcoin Cash highlights its growing prominence.
Will the PI price continue to rise, or will it pull back?The current PI price rally is driven by a confluence of whale accumulation, ecosystem developments, and speculative fervour, with large entities moving millions of PI tokens off exchanges and retail investors piling in ahead of key events.
The upcoming Consensus 2025 Summit, where Pi’s founder is scheduled to speak, and the upcoming major announcement from the Pi Core Team on May 14 are fueling optimism, as investors anticipate that these catalysts could propel the price higher.
In addition, the speculation about a potential Binance listing, bolstered by community support and rumoured test transactions, has further intensified buying pressure, though the listing remains unconfirmed.
However, risks loom, including the overbought RSI, which signals a possible correction, and the potential for supply pressure from future token unlocks, given that only 7.07 billion of the 100 billion max supply are circulating.
If the Pi Network token price consolidates above $1.40 and breaks through $1.50, it could target $2.00, but failure to do so may trigger a pullback, especially if profit-taking ensues.
Ultimately, the token’s long-term trajectory hinges on the growth of its dApp ecosystem and real-world utility, which will determine whether this rally marks the beginning of sustained adoption or a speculative peak.
The post Pi Network token price nears $2 as it flips major layer 1 coins appeared first on Invezz
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