Pi Network’s PI token has gained 12% over the past week, defying broader market weakness. Technical analysis indicates a key breakout above a long-term resistance trendline, which has now turned into support. Analysts, including Javon Marks, suggest this could signal the start of a major rally, with a theoretical price target of $2.80 representing a potential 1,400% increase from recent levels.
Pi Network’s PI token is climbing against a bearish crypto market backdrop. The token’s price increased by 3.23% in the last 24 hours and 12.01% over the past week, according to CoinMarketCap.
At publication time, PI was trading at approximately $0.1876 with a 24-hour trading volume of nearly $41 million. Its market capitalization was reported at $1.93 billion after a 3.34% increase. Analysts point to a significant technical development as the catalyst for recent movement.
Crypto analyst Javon Marks highlighted that PI broke a major resistance trendline that governed its price for over a year. The token then successfully retested that level, converting prior resistance into new support and confirming growing bullish momentum.
“Given that the breakout is already verified, the possibility for the token to enter the beginning of a major rally phase is seen by analysts,” the report states. This analysis projects a potential upside exceeding 1,400%, with a target around $2.80 if the current momentum is sustained.
Technical indicators from TradingView further support a bullish shift. The price recently crossed above the Bollinger Bands midline toward the upper band, indicating increased buying pressure. Additionally, the Moving Average Convergence Divergence (MACD) indicator recently showed a bullish crossover.
