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Pi Network rallies as mainnet anniversary fuels buying
Pi Network (PI) has seen a dramatic uptick in trading activity this week, with the token jumping more than 40% over seven days. The spike peaked at $0.205 on Sunday before pulling back to around $0.187 at the time of writing, pushing Pi Network’s market capitalization to roughly $1.68 billion. Community excitement around the first anniversary of the Pi mainnet launch on Feb. 19 appears to be the primary catalyst behind the surge.
Key drivers: anniversary hype, reduced unlocks and exchange rumors
Several factors are converging to support the price rally. First, the developer community and retail holders are anticipating announcements tied to the mainnet anniversary, which has increased speculative buying. Second, a notable cut in monthly token unlocks has reduced immediate selling pressure from circulating supply, a structural tailwind for PI token price. Finally, persistent chatter about a possible Kraken listing has injected additional momentum, as a major exchange debut often drives liquidity and new buyer interest.
Technical setup points to continuation if key levels hold
On the technical side, PI has formed multiple bullish structures on the daily chart that suggest upside could continue if momentum persists. The token is currently trading near the 38.2% Fibonacci retracement level at about $0.193 — a commonly watched threshold for trend validation. Reclaiming and holding above this retracement would increase the odds that the rally is sustainable.
Falling wedge breakout and bullish pennant
One bullish signal is a breakout from a falling wedge that began forming in late November. Falling wedges are reversal patterns that indicate selling pressure is waning; a clean move above the upper trendline often signals a shift from bearish to bullish sentiment.
Additionally, PI’s price action has developed a bullish pennant — a short consolidation after a steep advance (the flagpole) that typically precedes a continuation move. If the pennant resolves to the upside, traders commonly expect a measured move that could push the token toward the next resistance zone.
Immediate resistance and upside targets
If PI holds above the 38.2% retracement and buyers remain in control, the next logical resistance sits near $0.212, which corresponds with the 50% Fibonacci level and recent monthly highs. Clearing $0.212 would open room for further gains as bulls target higher technical and psychological milestones.
Risk considerations for traders
Despite the bullish setup, risk factors remain. Anniversary-driven rallies can be short-lived if announcements disappoint or if investors engage in profit-taking after festivities. Reduced unlocks lower selling pressure but do not eliminate volatility, and exchange listing rumors can be volatile and sometimes misleading. Traders should manage position size, use stop-losses, and monitor on-chain and order-book liquidity for sudden changes in market structure.
Outlook
Overall, Pi Network’s recent breakout patterns and fundamental drivers — mainnet anniversary excitement, lower monthly unlocks, and potential exchange listings — support the case for additional upside in the near term. However, validation of the bullish trend depends on reclaiming the 38.2% Fibonacci level and holding above key resistances near $0.212. For crypto investors, PI remains an event-driven trade where technical confirmation and disciplined risk management will be essential.
Source: crypto
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