In the last 24 hours, the Pi Network cryptocurrency has seen a 6.2% growth, outperforming major cryptocurrencies such as Bitcoin (+3.4%), Ethereum (+3.7%) and Solana (+2.6%). Since the launch of the mainnet, the price of PI has risen by a staggering 1,676.68%, while the overall crypto market has fallen by 9.9%. This development suggests that the Pi Network is largely shaping the current market trend. Many analysts expect PI’s growth to continue, but the question remains as to how far the price can climb.
The main factor behind the growth is the looming deadline for the migration of PI holders, which is set for March 17. This event has caused increased activity in the market as investors look to complete the transfer of their assets.
Another reason is the possibility of PI listing on major exchanges, including Binance. In a Binance community survey, more than two-thirds of respondents voted in favour of listing PI, which could attract new investors and significantly increase market liquidity.
The third factor is the change in the US political attitude towards cryptocurrencies following Donald Trump’s election victory. The new administration is more favourable towards digital assets, which increases overall investor confidence in the cryptocurrency sector.
Pi Network faced strong resistance at $1.75 for a long time, but recently broke it. It is currently trading at $1.9. Technical indicators, such as Bollinger Bands, suggest that the market is preparing for a sharp price move. The narrowing of the band indicates a possible increase in volatility, with the PI price near the upper boundary of the indicator.
The Parabolic SAR also indicates a positive trend and if the price breaks the $1.90 level, a sharp rise to $10 could follow. Conversely, failure to break this level could trigger strong selling pressure and a drop to $1.54. Key support for the market is currently the $1.74 level, which buyers need to hold in order for PI to maintain its bullish trend