Pi Network has resisted the overall sluggishness of the cryptocurrency market, surging 22% in the past 24 hours, with a trading price only 10% lower than its all-time high.
According to crypto.news, the price of Pi Network has increased by 22% in the past 24 hours, trading at $1.90. The 24-hour trading volume has now exceeded $700 million. The current price is only 10% lower than the historical high of $2.10 set when PI was launched on February 20. Despite the overall slump in the cryptocurrency market, with a total market cap decline of 2% and many altcoins suffering losses within 24 hours, the situation is not as bad as yesterday.
From a technical perspective, the price of PI shows strong bullish momentum on the 1-hour time frame, significantly above the 25-period exponential moving average of $1.64. Prior to this, the price had consolidated between $1.50 and $1.70 from February 24 to early February 26, with the 25 EMA acting as dynamic support. The support from the breakout above $1.70 came from increased trading volume.
If this momentum continues, the next resistance level will be around $2.00. However, to confirm further upward movement, the price needs to stay above $1.70 and maintain trading volume. If the price falls back, $1.64 (25 EMA) and $1.50 are key support levels to watch.
In addition to its strong price performance, the self-reported market cap of Pi Network has now exceeded $12 billion, placing it among the top 15 cryptocurrencies by market cap. However, the lack of independent verification for this market cap has raised concerns, with both Coinmarketcap and CoinGecko omitting ranking data.
In addition to market cap concerns, Pi Network has also been criticized for being a pyramid scheme. Bybit CEO Ben Zhou has publicly called the project a scam targeting the elderly.
Additionally, Binance's consideration to launch Pi Network in the recent community vote has also drawn criticism from Wu Blockchain founder Wu Jihan. Wu Jihan is concerned that Binance's focus on user registrations and traffic may harm its reputation and security, especially in the case of launching a controversial project like Pi Network.
As of February 22, Binance has updated the results of the recent community vote on the launch of the PI token, confirming that the proposal received 86% support. However, the decision to launch is still not finalized. Binance's voting period will end tomorrow, February 27, at 23:59 (UTC). If launched, it could likely become a major catalyst for the PI price in the coming days.