Pi Network’s PI Token Surges 173% Following Post-Launch Dip

Pi Network’s PI Token Surges 173% Following Post-Launch Dip

Pi Network’s long-awaited PI token officially debuted on February 20, marking a pivotal moment for the crypto project. However, the launch prompted a wave of sell-offs as early adopters scrambled to cash in on their holdings, triggering an initial price decline.

PI Rebounds Strongly After Post-Launch Slump

Following its release, PI’s value plummeted to a low of $0.60 on February 21 due to intense selling pressure. Despite this sharp decline, the altcoin quickly regained momentum, surging by an impressive 173% to reach $1.64.

This resurgence has been largely fueled by renewed investor interest, with speculation surrounding a potential Binance listing playing a key role. As of February 22, over 212,000 votes had been cast in favor of adding PI to the exchange, with more than 86% supporting the listing. With the voting process nearing its conclusion, traders are optimistic that a Binance listing could further drive PI’s price upward.

Technical Indicators Signal Continued Bullish Momentum

PI’s Relative Strength Index (RSI) reflects this growing demand. Currently positioned at 63.40 on the four-hour chart, the RSI indicates strong bullish momentum.

For context, the RSI measures market conditions, with values above 70 signaling overbought assets and potential corrections, while values below 30 suggest oversold conditions and possible rebounds. PI’s current RSI level suggests that buying pressure remains dominant, increasing the likelihood of further price gains.

Additionally, PI’s Balance of Power (BoP) indicator supports this positive outlook, currently registering at 0.41. The BoP gauges the strength of buyers versus sellers within a given timeframe. A positive BoP value, as seen with PI, indicates that buyers maintain control, reinforcing expectations of continued upward movement.

Can PI Break $2 and Reach a New All-Time High?

Since its launch, PI has consistently traded above an ascending trendline, further solidifying its bullish momentum. When an asset maintains this pattern, it typically suggests a sustained uptrend, with buyers continuing to push prices higher.

If this trend holds, PI could surpass the $2 mark, potentially challenging its all-time high of $2.20. However, if profit-taking intensifies and demand weakens, the bullish projection could be invalidated, leading to a decline toward $1.60 or even $1.34.

As market dynamics evolve, investors will be closely watching whether PI can maintain its current trajectory or face another round of corrections.