Pi Network price pumps 20% in 24 hours: Why is PI surging?

• Pi Network (PI)’s is up +20% in the last 24 hours, hitting highs of $1.74.
• While PI price remains 44% off its peak of $2.99, buyers may push the token higher.
• Potential catalysts and which could catapult PI up include upcoming Pi Day and possible Binance listing.

Pi Network (PI)’s price has jumped more than 20% in the last 24 hours, reaching intraday highs of $1.74.

Despite the surge, PI remains 44% below its peak of $2.99 from February. But why is the altcoin’s price pumping, and could bulls go higher?

Why is the Pi Network price up today?

Pi price spiked from lows of $0.61 on February 20 to reach its all-time high of $2.99 on Feb. 26.

Although sellers hit amid broader market bleeding, the social cryptocurrency network’s native token has held up nicely.  The altcoin is looking to build upside momentum after retreating from the intraday highs. Currently, PI is holding firm after bouncing off $1.61. The coin changes hands around $1.67 at the time of writing.

These positive moves come ahead of the highly anticipated Pi Day set for March 14.

Pi Day carries a lot of weight for the project. Users must shift their testnet-mined PI coins to the mainnet by 8:00 AM UTC on March 14, the final deadline after an extended grace period.

This date also marks six years since Pi Network launched. The migration fuels excitement, but KYC verification troubles slow some users down. Technical glitches leave many stuck, unable to move their coins.

Is Binance listing a factor?

Pi Network price has held onto a bullish perspective since last month. Binance’s poll on whether or not to list the altcoin saw 87% of participants vote in favour. If it happens, PI will join Binance’s spot market.

Although the exchange has yet to list or offer next steps, speculation is high that PI will land on the top crypto exchange by trading volume.

On the charts, PI shows strength. It sits above the $1.60 support level amid rising trading volume. While resistance looms in the $1.75 and $2.00 region, buyers may ride the Pi Day momentum to seek new demand reload zones above $2 and towards the ATH.

The post Pi Network price pumps 20% in 24 hours: Why is PI surging? appeared first on CoinJournal.