Pi Network price surpasses Bitcoin and altcoins as it aims for a new record
Pi Network maintained its stability on Tuesday, defying a broader sell-off in the cryptocurrency market as market risks increased.
Pi Network (PI), which recently launched its mainnet, experienced a surge to $1.60, representing a more than 158% increase from its lowest point on Friday. According to CoinMarketCap, its self-reported market capitalization rose to $10.7 billion, positioning it as the 11th largest cryptocurrency.
Pi’s rally stood out as most cryptocurrencies suffered double-digit losses, leading to a 477% increase in 24-hour liquidations, totaling $1.57 billion. The total cryptocurrency market cap declined by 6%.
Major tokens like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX) experienced crashes of over 10% in the past 24 hours.
One of the key factors behind Pi’s rise seems to be speculation surrounding an upcoming listing on Binance. Binance, the world’s largest cryptocurrency exchange, is currently conducting a poll to determine whether to list Pi, with the majority of users voting in favor.
A listing on Binance would be significant, considering the platform’s 200 million users worldwide. In addition to spot trading, Binance may also introduce Pi to its futures market.
Binance would join other major exchanges that have already listed Pi Network, including OKX, HTX, Bitget, and Gate.io. A listing on Binance could put pressure on other tier-1 exchanges like Coinbase, Upbit, and Kraken to offer Pi as well.
Pi Network’s price is also climbing in anticipation of the upcoming Know Your Customer grace period deadline. The final phase of the grace period will end on February 28th. After that, users will only be able to migrate Pi coins mined in the past six months to the mainnet.
In terms of price targets, the hourly chart shows that Pi was trading at $1.60 on Tuesday, aligning with the ascending trendline connecting the lowest swings since February 22nd. This diagonal support forms part of an ascending triangle pattern, which is a popular bullish continuation signal.
Pi Network’s price has also moved above the 25-period moving average, indicating that bulls are still in control. A breakout above the $1.67 resistance level would confirm the bullish outlook and potentially push the price towards its all-time high of $2.20, representing a 36% increase from current levels.
