Pi Coin has surged nearly 80% in the last 24 hours, reaching a new all-time high of $2.99.
According to data from Crypto.News Price Tracker, PI Network (PI) surges have risen significantly in 24-hour trading volumes, surpassing $3.2 billion.
The token is currently sitting at $2.95 after a low $1.65 trade in the same 24 hours. Spike contradicts the continued decline in the broader cryptocurrency market as Bitcoin is below $85,000.
On the technical side, PI shows a neutral to slightly bullish bias. The 5-minute chart shows price actions fluctuating around the 9-EMA. It acts as both support and resistance. The 55.60 RSI (14) suggests neutral momentum, with no acquisitions or excessive conditions.
Important levels to watch include $3.00 for resistance and $2.90 for support. Holding it above 9-EMA could push the PI up to $2.95-$3.00, but drops below $2.90 could undermine momentum.
The PI network is controversial despite increasing ratings due to the claim that the project is a pyramid scheme. Industry leaders such as Bybit CEO Ben Zhou have also criticised the project and called it a scam. Concerns have also been raised about untested circular supply.
Due to a lack of independent verification, major platforms such as Coinmarketcap and Coingecko have now valued the self-reporting market for PI networks at over $17.5 billion, but have excluded official rankings. In the meantime, more volatility is expected due to possible rumors for Binance's list.
On February 17th, Binance began a community vote on whether to list PIs. Voting is expected to close today, February 27th. The exchange then checks whether to list tokens. If approved, it could serve as the main catalyst for further price action.
