Pi Network’s native token PI staged a dramatic 20% surge on Sunday, propelling its price to a weekly high of approximately $0.10. This rally abruptly halted a prolonged downtrend that saw the asset break below the key $0.10 support last weekend, then plummet to consecutive all-time lows of $0.09, $0.08, and finally a new all-time low at $0.07. At that bottom, PI had collapsed over 97% from its all-time high set more than a year ago.
The $0.07 level emerged as strong support, triggering an immediate rebound. After consolidating above $0.08 for about 24 hours, PI exploded higher today, nearly reclaiming the psychologically important $0.10 resistance. Recapturing this level is seen as crucial for any sustained recovery.
Despite the enthusiastic bounce, market watchers urge caution. PI has a history of short-lived pumps following extended declines. A notable example occurred in mid-March, when hype around a potential Kraken listing drove the token from $0.20 to $0.30, only for it to crash back below $0.20 within 72 hours. The current rally raises the same question: is this the start of a genuine reversal, or another dead-cat bounce that will fizzle out quickly?
In the broader market, PUMP also stole the spotlight with a daily surge of over 20% to $0.002. Bitcoin, meanwhile, struggled to hold the $64,000 level after slipping from $65,000, contributing to a $20 billion decline in total crypto market capitalization to $2.250 trillion. Other large-cap altcoins like ETH, BNB, XRP, SOL, and HYPE posted minor losses, while ZEC dropped over 6%.
