Pi Network price beats Bitcoin and altcoins as it eyes an all-time high

Pi Network remained stable on Tuesday, defying a broader cryptocurrency sell-off as market risks increased.

Pi Network (PI), which launched its mainnet last week, surged to $1.60, up over 158% from its lowest point on Friday. According to CoinMarketCap, its self-reported market capitalization jumped to $10.7 billion, making it the 11th-largest cryptocurrency.

Pi’s rally stood out as most cryptocurrencies suffered double-digit losses, while 24-hour liquidations soared 477% to $1.57 billion. The total crypto market cap declined by 6%.

The biggest blue-chip tokens, like Bitcoin (BTC),  Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX), crashed by over 10% in the last 24 hours. 

A key factor behind Pi’s rise appears to be speculation surrounding an upcoming Binance listing. Binance, the world’s largest crypto exchange, is conducting a poll on whether to list Pi, with most users voting in favor.

A Binance listing would be significant, given 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 pressure other tier-1 exchanges like Coinbase, Upbit, and Kraken to offer it. 

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 Feb. 28. After that, pioneers will only be able to migrate Pi coins mined in the past six months to the mainnet.

Pi Network price targets all-time high

The hourly chart shows that Pi was trading at $1.60 on Tuesday, aligning with the ascending trendline connecting the lowest swings since Feb. 22. This diagonal support forms part of an ascending triangle pattern, 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 toward its all-time high of $2.20, marking a 36% increase from current levels.