Date: Sat, February 22, 2025 | 10:43 AM GMT
The cryptocurrency market is witnessing a strong recovery in Pi Network (PI) after an initial post-listing decline. Following its mainnet launch on February 20, PI faced a sharp sell-off due to early miners cashing out and controversy surrounding its legitimacy.
However, today the token has rebounded impressively, surging over 45% from its recent low of $0.62 to its current price of $0.97.
Source: Coinmarketcap
Key Factors Behind PI’s Rally
The following factors have directly contributed to PI’s recovery today:
1. Sell-Off by Miners Weakens
One of the primary reasons for the initial price decline was the mass selling by early miners who accumulated PI tokens before its mainnet launch. As many of these sellers have now exited their positions, selling pressure has eased, allowing the price to stabilize and recover.
2. Pi Network Responds to Allegations
A significant contributor to PI’s earlier decline was the negative sentiment fueled by accusations against the project. On February 20, Bybit CEO Ben Zhou publicly labeled Pi Network a scam, confirming that Bybit would not list the token. Zhou cited a 2023 warning from China’s Hengyang Public Security Bureau, which had cautioned users about fraudulent actors misusing the Pi Network name.
However, today, Pi Network’s team responded to these allegations, addressing the misinformation and defending the project’s legitimacy:
Recently, a CEO publicly commented on Pi Network in response to a post made by an unaffiliated individual on social media. While we understand that online discussions can sometimes lead to misunderstandings, we want to take a moment to clarify a few points and ensure accurate…
— Pi Network (@PiCoreTeam) February 21, 2025
- No Affiliation with Bybit or Ben Zhou – Pi Network clarified that it has never engaged in Know Your Business (KYB) verification with Bybit and has no official ties to the exchange.
- Clarification on Chinese Authorities’ Warning – The team emphasized that the police warning was not against Pi Network itself but rather against fraudsters falsely claiming to be associated with the project.
- Condemnation of Impersonators – Pi Network distanced itself from individuals who attacked Ben Zhou online, stating that neither the company nor its team members had ever commented on Bybit or its CEO.
- Defending Pi Network’s Legitimacy – The team reaffirmed that Pi Network has been in development for over six years and has built a community of over 60 million engaged users. They remain committed to launching a fully developed, decentralized ecosystem.
What’s Next for Pi Network?
On the 30-minute PI/USD chart, the token has shown a strong rebound from its bottom support zone, where it marked a low of $0.60. Following today’s bullish momentum, PI successfully broke past the $0.79 resistance level, pushing its price into a new resistance zone between $0.95 and $1.02.
Pi Network (PI) 30-Min Chart/Coinsprobe (Source: Tradingview)
Currently, PI is trading at $0.97, consolidating within this resistance zone marked in dark shaded area. If the bullish trend continues and PI manages to break out above the $1.02 resistance, the next significant target would be $1.25.
However, in case of a retracement, key support levels to watch are $0.84 and $0.79. Holding above these levels will be crucial for maintaining bullish momentum in the short term.
However, traders should remain cautious and monitor market sentiment closely, as volatility remains high.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
