Surges 35% Daily to Break $1 Barrier After Accumulation Phase

TLDR Pi Network (PI) has surged past $1, trading at $1.28 with a 35% 24-hour gain and 114% weekly gain Trading volume increased to over $1.4 billion, representing a 152.8% increase Technical indicators show price above key moving averages with RSI at 85, suggesting overbought conditions Community sentiment is bullish with 88% positive score on CoinMarketCap Upcoming Pi Network team announcement on May 14 and Consensus 2025 Summit appearance driving speculation Pi Network’s cryptocurrency has broken through the $1 barrier for the first time in nearly two months, marking a dramatic shift in market dynamics for the digital asset. Trading at $1.28 at press time, PI has gained 35% in just 24 hours and an impressive 114% over the past week. This price surge comes after an extended accumulation phase, where PI traded around $0.75 on May 9 before climbing rapidly. The token had previously bottomed out near $0.40 in April. The momentum is backed by substantial trading activity, with 24-hour volume jumping to over $1.4 billion—a 152.8% increase. Despite the current rally, PI remains 57.3% below its all-time high of $2.99 set on February 26. From a technical perspective, PI has broken above all key moving averages. The price now sits above the 10-day, 20-day, and 50-day EMAs and SMAs, with all indicators flashing “buy” signals. This technical structure supports continued upside movement as long as prices maintain these levels. Technical Analysis Points to Continued Momentum The Relative Strength Index (RSI) currently reads 85, putting PI in overbought territory. While this typically signals a potential pullback, assets in strong uptrends can remain overbought for extended periods. Similarly, the Moving Average Convergence/Divergence (MACD) indicator has moved into bullish territory, reinforcing the strength behind this price action. The MACD line remains above the Signal line and has crossed into positive territory for the first time in this cycle, suggesting buyer dominance in the market. If buyers maintain control and price consolidates above $1.20, the next target could be the psychological resistance at $1.50, followed by a potential retest of the $2 zone. A short-term pullback remains possible given the overbought RSI. If PI drops below $1.12 support, it may revisit the $0.85-$0.90 range. However, the uptrend would remain intact unless price breaks below $0.75 with volume. Market Sentiment and Upcoming Catalysts Community sentiment toward PI is overwhelmingly positive, with CoinMarketCap’s sentiment tool showing an 88% bullish score. This indicates most market participants expect the rally to continue. Several catalysts appear to be driving this rally. The Pi Network team is expected to announce a major update on May 14, sparking optimism throughout the community. The timing also aligns with the upcoming Consensus 2025 Summit, where Pi’s founder is scheduled to speak. In preparation for these events, traders and large entities have been accumulating PI tokens, including platforms like BANXA. Pi is doing well! I am fairly confident that the price pumping of Pi might start during the Consensus Summit (May 14–16, 2025) rather than at the end of August when Pi unlocking significantly reduces. pic.twitter.com/iaSDGzqwYa — Dr Altcoin (@Dr_Picoin) April 27, 2025 Market rumors of a possible Binance listing have added fuel to the price surge, following a community vote where 86% supported such a move. While unconfirmed, these rumors have contributed to the positive market sentiment. According to crypto analyst Dr. Altcoin, the current price movement might only be the beginning. In a post on X dated April 27, he suggested Pi’s rally might gain substantial momentum during the Consensus 2025 Summit. The token currently faces resistance on the daily chart, which aligns with the RSI-predicted corrective phase. This suggests PI may briefly decline from current levels before potentially resuming its upward trajectory. If PI successfully converts this resistance level into support, it could trend toward the $2 region, which represents the peak of its previously exited descending channel. Source: https://blockonomi.com/pi-network-pi-price-surges-35-daily-to-break-1-barrier-after-accumulation-phase/