Pi Coin Soars Over 20% as Market Activity Surges

Despite a generally stagnant atmosphere in the cryptocurrency market , Pi Network’s Pi coin has surged over 20%, starting trading at $0.64. The daily high reached $0.701, drawing significant attention from traders. This sudden price increase is supported by a sharp rise in daily trading volume, which approached $1 billion as the weekend began.

Trading Volume Surpasses Cardano

The activity in Pi coin indicates that traders are positioning themselves with short-term profit-taking objectives. According to CoinMarketCap data, the trading volume of the altcoin has increased by 92% in the last 24 hours, reaching $920 million. This volume has surpassed that of the popular altcoin Cardano $0.647449 ( ADA ), which recorded a volume of $843 million during the same period.

This increase in trading volume is highlighted as one of the key factors behind the price rise. With the growing trading activity, Pi coin’s market capitalization has also exceeded $4 billion. However, some market observers caution that the risks are not yet over. A lack of significant exchange listings and potential selling pressure from early miners could pull the price back down to $0.1.

Banxa Partnership and Community Pressure

Recently, Pi Network announced a partnership with Banxa, enabling purchases of Pi coin with fiat currencies. This agreement allows Pi coin to integrate further into the traditional financial system. Some traders believe this development is one of the factors triggering the recent price surge.

However, some members of the Pi Network community find this step insufficient. A community member known as “Dr. Pi Coin” argues that the altcoin project needs to take more radical steps. They suggest that burning billions of Pi coins held in over 20,000 wallets owned by the Pi Foundation could enhance long-term trust.

Technical indicators on the hourly chart show a clear increase in buying pressure for Pi coin. The Relative Strength Index (RSI) has reached 73 for the first time in weeks, signaling strong upward momentum. Although this level approaches the overbought zone, it indicates that the upward trend may continue in the short term.

The MACD indicator has also moved into positive territory, supporting the price increase. According to Fibonacci levels used in technical analysis, if Pi coin breaks the resistance at $0.90, it could rally back towards $1. However, this scenario requires a shift in the overall market sentiment in favor of altcoins.