As Pi Day approaches on March 14, the excitement among the Pi Network community is palpable, driving up the price of its native token, PI. In a stunning turn of events, the token has surged to an intraday high of $1.79 on March 13, reflecting a notable increase of nearly 42% from its recent lows. This rally marks the second consecutive day of gains, pushing Pi Network’s market capitalization past $12.2 billion and seeing its daily trading volume exceed $930 million.
The recently recorded gains come in anticipation of a major milestone—Pi Day—which not only celebrates the unique ecosystem of Pi Network but also serves as a deadline for users to complete their KYC verification and migrate their mined tokens to the mainnet. Failing to do so by 8:00 AM UTC tomorrow risks losing those valuable tokens.
Nevertheless, many users are facing challenges with the KYC process, making the transition to the mainnet a complex task. This urgency is compounded by the fact that the date also marks the sixth anniversary of Pi Network’s launch, adding another layer of significance to the occasion.
Despite being approximately 42.5% below its all-time high of $2.99 recorded in February, the token has remarkably climbed from below 3,000 to being ranked 11th on CoinMarketCap, overtaking notable cryptos such as Chainlink (LINK), Hedera (HBAR), and Stellar (XLM).
Analysts suggest that this upward momentum may be sustained due to the speculative excitement surrounding a potential Binance listing. Recent polls showed more than 87% support for PI’s addition to Binance’s market, although a formal response from the exchange remains pending. While PI is currently available on major exchanges like OKX, MEXC, Gate.io, and Bitget, the community is hopeful for more exposure through Binance.
On the technical side, indicators are suggesting a strong bullish trend. With the token trading near the upper Bollinger Band and an Aroon Up at 78.57%, the market shows no signs of bearish influence. The Relative Strength Index indicates that there is still room for further gains before reaching overbought levels. Analysts are optimistic, setting near-term psychological resistance at $2 and projecting potential targets of $4 or even higher in the weeks to come.
In summary, while the hype surrounding Pi Day drives the current momentum for PI tokens, the uncertainty on the user migration process and the potential for upcoming exchange listings are pivotal factors that could shape the market in the days ahead.
