The PI token has experienced an explosive rally, soaring by nearly 50% in a single day and extending its weekly gains to almost 150%. This dramatic price surge pushed PI above the $1 mark for the first time since March, with the token trading at $1.47, having set a new support floor at $1.39. Technical indicators, including positive Directional Movement Index values, show strong buying momentum, while Ichimoku Cloud analysis confirms PI has overcome significant resistance.
Recent weeks saw PI break out from a prolonged accumulation phase, shooting up from $0.75 on May 9 and $0.40 in April to a high of $1.28 to $1.47. The 24-hour trading volume ballooned by over 150%, exceeding $1.4 billion. All key moving averages (EMA and SMA) are signaling a buy, though the asset is now considered heavily overbought with an RSI at 85, indicating the potential for some short-term pullback.
Driving factors for the rally include rumors of a potential Binance listing after a community-driven vote and growing optimism ahead of a major Pi Network team announcement set for May 14. Additionally, Pi’s founder is scheduled to speak at the upcoming Consensus 2025 Summit, attracting market speculation and institutional accumulation (including through BANXA).
Analysts note that if the PI price can consolidate above $1.20, targets at $1.50 and $2.00 could be reached, with more upside possible if bullish momentum persists. However, a drop below key support levels may trigger a move back toward $1.01 or lower, with risk of a return to its $0.40 lows if profit-taking accelerates.