PI Network: Decoding 30% daily surge – Can it push for $2 next?

• PI has gained strong interest from investors, with the majority favoring its ongoing rally.
• Bullish market sentiment is likely to push PI into new territory, aiming for the $2 mark.

Pi Network’s [PI] 30% rally in the past 24 hours positions it as one of the most valuable tokens in the market, as investor interest remains high.

Community sentiment and recent accumulation suggest that PI will reclaim the $2 level, which it previously exited earlier this year.

PI gains majority of market interest

PI’s recent rally can be traced to the high level of community engagement in the market.

Community Sentiment, a tool on CoinMarketCap, helps determine whether investors are bullish or bearish on an asset.

Source: CoinMarketCap

At press time, PI has a high sentiment score of 88%, indicating that the majority of market participants expect the token to continue rallying. This bullish sentiment is reflected in both price and volume movement.

Following a 30% price surge, trading volume also jumped 155.25% to $597.53 million during the same period.

Source: CoinMarketCap

This marks PI’s highest trading volume in the past thirty days. Historically, a surge in both volume and price tends to indicate strong market momentum, positively impacting price action.

What’s driving market momentum

Technical indicators provide a clearer picture of what to expect from PI.

The Relative Strength Index (RSI), which measures the speed and change of price movements on a scale of 0 to 100, shows that the market is currently overbought.

This is evident as the RSI value stood at 76.13—above the 70 threshold, at press time. This suggested that PI may soon enter a corrective phase with a potential price dip.

Source: TradingView

However, analysis of the Moving Average Convergence and Divergence (MACD) indicator suggests that the correction may be minimal.

This is based on multiple signals: first, the MACD line (blue) remains above the Signal line (orange); additionally, the MACD line has crossed into the positive zone for the first time.

These signs imply that buyers remain active in the market and that any predicted drop is likely a move by investors to trigger lower entry orders before the next upward trend.

Analysis of PI’s path to $2

PI has currently reached a resistance level on the 1-day chart, aligning with the RSI-predicted corrective phase. This suggests that PI may briefly decline from the resistance level before resuming its bullish trend.

Source: TradingView

If the coin successfully reclaims this resistance, it is likely to trend toward the $2 region, the peak of its previously exited descending channel.

The rally to this level depends on continued investor buying, supported by the token’s overall bullish sentiment.