After weeks of decline, Pi Network has made a remarkable turnaround, posting a sharp price increase that’s caught the attention of traders and market watchers alike. The token jumped over 45% in a matter of hours, reaching $0.75—its highest level since the end of March—on trading volume that exceeded $1 billion. This marks the strongest volume the asset has seen since early March and signals a significant shift in short-term sentiment.

This rally comes after a painful correction that began in late February, when Pi reached a peak of $3. Since then, the price has dropped by more than 75%, erasing billions in market value and frustrating early adopters. Much of the pressure stemmed from Pi Network’s tokenomics, which are set to dramatically increase the token’s circulating supply. According to projections, roughly 1.6 billion additional tokens will be released over the next year. As is often the case with token unlocks, the incoming supply has been a bearish force, diluting existing holdings and dampening demand.

Compounding these concerns is the fact that Pi remains absent from major cryptocurrency exchanges. Despite the launch of its mainnet, platforms such as Coinbase, Binance, and Kraken have yet to list the token, limiting access to a broad swath of retail and institutional investors. Without a presence on top-tier exchanges, Pi continues to face skepticism from the wider market.

Ecosystem development has also played a role in the coin’s recent struggles. Over the past few months, most Web3 developers have gravitated toward more established chains like Berachain, Solana, and Avalanche, leaving Pi’s ecosystem growth relatively stagnant. As activity slowed and confidence waned, the coin’s value reflected the uncertainty.

Yet despite these headwinds, Pi’s recent breakout appears to be technically driven. Market analysts had been watching the formation of a falling wedge pattern—a structure that often precedes a bullish reversal. Characterized by narrowing downward-sloping trendlines, this pattern typically signals that selling momentum is weakening. When combined with rising volume, it can trigger a sharp upside move, as happened here.

Technical indicators have also lent support to the bullish case. Both the MACD and Bollinger Bands Trend indicator have been trending upward, pointing to a potential shift in momentum. The emergence of a bullish divergence—where price falls while indicators rise—has only reinforced this outlook.

With the price currently sitting just under the $1 psychological level, bulls are eyeing that mark as the next target. Should momentum continue, a push toward that area seems plausible. Still, if Pi were to fall below this week’s low, the positive trend could quickly unravel.

While the long-term trajectory of Pi remains uncertain, the recent rally shows that technical patterns still hold sway in crypto markets—and that even under pressure, a well-timed breakout can reignite hope.

By Alejandro Silva Ramírez, Crypto Analyst & Columnist