Meanwhile, some market observers believe PI could eventually explode above $1.
The cryptocurrency market continues its impressive recovery, with Pi Network’s PI stealing the show with an impressive 15% daily surge.
However, certain factors suggest that its price could soon turn downward again.
Time to Cool Off?
PI is the best-performing top-100 cryptocurrency today (March 5), with its valuation soaring to a three-week high of $0.20 (per CoinGecko data). Its market capitalization exceeded $1.9 billion, thus making it the 43rd-largest digital asset.
Perhaps the most likely catalyst fueling the rally is the broader revival of the cryptocurrency sector. Bitcoin (BTC) briefly rose to almost $74,000, Ethereum (ETH) neared $2,200, while well-known altcoins like Monero (XMR), Aster (ASTER), and Toncoin (TON) have jumped by 6-7% on a 24-hour scale.
PI’s pump also coincides with the latest updates announced by the Core Team. As CryptoPotato reported, the protocol v19.9 migration was successfully completed. The next version is v20.2, and it is expected to be released before Pi Day 2026 (March 14).
The upcoming token unlocks, though, indicate that PI may not be out of the woods yet. Data shows that a substantial amount of coins will be freed up in the coming days: a development that doesn’t guarantee a price decline but increases immediate selling pressure. March 7 is scheduled as the record day, when almost 21 million PI will be released.
The second bearish factor is the rising supply stored on exchanges, now sitting at roughly 365.5 million coins. Such a shift from self-custody toward centralized platforms is often interpreted as a pre-sale step.
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Last but not least, we will touch upon PI’s Relative Strength Index (RSI). The technical analysis tool measures the speed and magnitude of the latest price changes and is used by traders to identify trend reversals. It runs from 0 to 100, and ratios above 70 signal that the asset has entered overbought territory and could be on the verge of a pullback. As of press time, PI’s RSI stands at around 72.
How About Further Gains?
Some market observers expect PI’s rally to continue in the short term. X user ALTS GEMS Alert predicted that the price might soar above $0.30 should it hold the key level around $0.19.
“Momentum building… breakout could send it much higher,” they added.
Whale Hunter forecasted that PI will move “small by small,” starting at $0.20, then $0.40, and eventually exploding to $0.70 and beyond $1. “That’s how crypto works. Finally, you are X5 to X10 profit,” they suggested.
Meanwhile, there has been growing speculation that the leading crypto exchange Kraken might list Pi Network’s native cryptocurrency on Pi Day. Such a move would increase liquidity, improve availability, strengthen its reputation, and potentially support a positive price reaction.
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