Pi Network is making headlines again, this time for its unexpected 22% price surge in the last 24 hours, despite the broader crypto market showing signs of weakness. Currently trading at $1.90, Pi is just 10% below its all-time high of $2.10, which was set during its February 20 launch. The 24-hour trading volume has also soared past $700 million, signaling strong market activity.
Technical Outlook: Bullish Momentum Holding Strong
From a technical standpoint, Pi Network’s price movement suggests continued bullish momentum. The token has been trading well above its 25-period Exponential Moving Average (EMA) at $1.64, indicating strong short-term support. Prior to the breakout, Pi consolidated between $1.50 and $1.70 from February 24 to early February 26. With rising trading volume, the next resistance level is anticipated around $2.00.
For this momentum to continue, the price needs to stay above $1.70 with sustained volume. If Pi experiences a pullback, key support levels to watch are $1.64 (25 EMA) and $1.50.
Market Cap Controversy: Top 15 or Misleading Hype?
Pi Network’s self-reported market cap has now surpassed $12 billion, which would theoretically place it within the top 15 cryptocurrencies by market capitalization. However, skepticism remains, as major tracking platforms like CoinMarketCap and CoinGecko have omitted Pi from their rankings due to a lack of independent verification.
Criticism and Listing Speculation
While Pi Network’s community continues to rally behind the project, it has not been without controversy. Critics have labeled it a pyramid scheme, with Bybit CEO Ben Zhou openly calling it a scam targeting the elderly. Additionally, Binance’s community vote on listing Pi Network has drawn backlash. Blockchain journalist Colin Wu has warned that Binance prioritizing user registrations and traffic could undermine its reputation by listing a project as controversial as Pi.
As of February 22, Binance confirmed that the community vote had received 86% support for listing Pi, but the final decision is still pending. The voting period closes tomorrow, February 27, at 23:59 UTC, and if Pi secures a listing, it could serve as a major catalyst for further price movement.
Final Thoughts: Hype or Long-Term Growth?
Pi Network continues to polarize the crypto space. On one hand, its accessibility and strong community support have fueled massive adoption, but on the other, its market legitimacy remains questionable. With Binance’s decision looming, Pi’s price could either see another leg up or face a sharp correction depending on the outcome.
