The cryptocurrency PI has seen a 30% price surge over the past week, reaching a three-month high above $0.23. This rally followed protocol updates and a new case study on using Pi Nodes for AI computing. However, data shows a recent influx of tokens to exchanges and an elevated Relative Strength Index (RSI), suggesting a potential price correction may be imminent.
The cryptocurrency PI, belonging to the Pi Network, recently spiked to a three-month high above $0.23, making it the top-performing asset among the largest 100 cryptocurrencies over the past week. This 30% rally followed the successful completion of the protocol v19.9 migration and the announcement of the upcoming v20.2 release scheduled for March 12. Another catalyst was a newly revealed case study showing that Pi Nodes could be used for distributed AI computing and model training.
Market indicators suggest this ascent may soon be replaced by a correction. Data shows that more than 6.2 million PI tokens were transferred to exchanges in the past 24 hours alone, bringing the total supply on exchanges to almost 450 million. The majority of these coins (53%) are stored on Gate.io, while Bitget ranks second with approximately 148.8 million tokens.
PI’s Relative Strength Index (RSI) currently stands at approximately 71. An RSI ratio above 70 typically indicates that an asset is in overbought territory and could be due for a price pullback. Some market observers remain optimistic about further short-term gains, however.
One analyst, Vuori Trading, predicted a potential increase to $0.64. Another user, ALTS GEMS Alert, forecasted an ascent to as high as $0.30. The upcoming protocol update scheduled for later this week may give PI another boost, though investors should keep in mind the risk of a “sell-the-news” market reaction.
