Pi Network maintained stability on Tuesday, defying a broader sell-off in the cryptocurrency market as market risks increased.
Pi Network (PI), which recently launched its mainnet, experienced a surge to $1.60, an increase of over 158% from its lowest point on Friday. According to CoinMarketCap, its reported market capitalization rose to $10.7 billion, making it the 11th largest cryptocurrency.
Pi’s rally stood out as most cryptocurrencies suffered double-digit losses, with 24-hour liquidations increasing by 477% to $1.57 billion. The total cryptocurrency market cap declined by 6%.
Prominent cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX) experienced crashes of over 10% within the last 24 hours.
One key reason for Pi’s rise appears to be speculation surrounding an upcoming listing on Binance. Binance, the world’s largest cryptocurrency exchange, is currently conducting a poll to determine whether to list Pi, with most users voting in favor.
A listing on Binance would be significant due to the platform’s 200 million users worldwide. In addition to spot trading, Binance may also introduce Pi to its futures market.
Binance would join other major exchanges that have already listed Pi Network, including OKX, HTX, Bitget, and Gate.io. A listing on Binance could put pressure on other tier-1 exchanges such as Coinbase, Upbit, and Kraken to also offer Pi.
Pi Network’s price is also climbing ahead of the upcoming Know Your Customer grace period deadline. The final phase of the grace period will end on February 28. After that, pioneers will only be able to transfer Pi coins mined in the past six months to the mainnet.
The hourly chart shows that Pi was trading at $1.60 on Tuesday, aligning with the ascending trendline connecting the lowest swings since February 22. This diagonal support forms part of an ascending triangle pattern, which is a popular bullish continuation signal.
Pi Network’s price has also moved above the 25-period moving average, indicating that bulls remain in control. A breakout above the $1.67 resistance level would confirm the bullish outlook and potentially push the price towards its all-time high of $2.20, representing a 36% increase from current levels.