Pi coin has surged nearly 80% in the past 24 hours and reaching a new all-time high of $2.99.
Pi Network’s (PI) surge coincides with a huge increase in 24-hour trading volume, which has surpassed $3.2 billion, according to data from the crypto.news price tracker.
The token is currently sitting at $2.95 after earlier trading as low as $1.65 in the same 24-hour period. The spike contradicts the ongoing decline in the broader cryptocurrency market, with Bitcoin having fallen below $85,000.
On the technical side, PI is showing a neutral to slightly bullish bias. The 5-minute chart shows price action fluctuating around the 9-EMA, which is acting as both support and resistance. The RSI (14) at 55.60 suggests neutral momentum, with neither overbought nor oversold conditions.
Key levels to watch include $3.00 as resistance and $2.90 as support. Holding above the 9-EMA could push PI toward $2.95–$3.00, while a drop below $2.90 may shift momentum to bearish.
Pi Network remains controversial despite its increasing valuation because of allegations that the project is a pyramid scheme. Industry leaders such as Bybit CEO Ben Zhou have also criticized the project, calling it a scam. Concerns have also been raised about its unverified circulating supply.
Due to a lack of independent verification, leading platforms like CoinMarketCap and CoinGecko have excluded official rankings, even though Pi Network’s self-reported market valuation currently exceeds $17.5 billion. In the meantime, more volatility is expected due to rumors of a possible listing on Binance.
On Feb. 17, Binance launched a community vote on whether to list PI, with the majority of respondents in favor. The vote is anticipated to end today, Feb. 27, after which the exchange will confirm whether or not it will list the token. If approved, it could serve as a major catalyst for further price action.
