Pi Network (PI) Price Explosion: Falling Wedge Breakout Triggers 30% Weekly Surge

Bullish breakout alert: Pi Network's PI token shatters its falling wedge pattern with violent upside momentum—defying the broader market's sideways grind.

The technicals don't lie

A textbook weekly close above the wedge's upper trendline confirms the reversal, with PI now testing its 200-day moving average. Volume spikes suggest institutional accumulation—or maybe just another pack of retail degens chasing the green candles.

Where next for the mobile-mined crypto?

The 30% weekly gain puts PI within striking distance of its Q1 highs. Watch the $42.50 level: Flip that into support, and the path clears for a retest of all-time highs. Fail, and well... at least the 'mainnet launch soon' crowd will have fresh hopium.

Pro tip: When a token pumps on zero ecosystem development, Wall Street calls it 'price discovery.' Crypto calls it Tuesday.

TLDR

• Pi Network gained 24% since June 24th, following Bitcoin’s 6.44% rally from $100.9k to $107.4k
• The crypto tested $0.64 local high resistance but showed weak buying volume and negative funding rates
• Open Interest increased by $3.6 million (30%) while funding rates remained negative since June 24th
• Pi broke out of its downtrend pattern, trading above $0.63 for the first time in weeks
• Price needs to sustain above $1 resistance to confirm bullish reversal after crashing from $3 all-time high

Pi Network has shown strong price movement this week, climbing 24% since June 24th to trade above $0.63. The rally followed Bitcoin’s upward momentum, which jumped 6.44% from $100.9k to $107.4k during the same period.

The price surge marked Pi’s first time trading above $0.63 in weeks. This came after the token had crashed over 65% from its $3 all-time high, reaching lows around $0.40 during recent weeks.

The recent rally represents a breakout from Pi’s downtrend pattern. The token had been consolidating in a falling wedge structure for weeks before this upward move. Trading data shows the price managed to push out of this bearish pattern to the upside.

Technical Indicators Show Mixed Signals

Despite the price gains, technical analysis reveals concerning trends. The Money FLOW Index sits at 31, indicating bears maintain control of the market. However, the MFI has been trending higher over the past week, creating a bullish divergence with price action.

The On-Balance Volume has not approached previous local highs. This suggests the recent MOVE higher may have been driven by liquidity hunting rather than genuine buying demand.

Volume data supports this view, with buying volume remaining weak during the rally. The lack of spot market demand points to speculative trading as the primary driver behind the price movement.

Derivatives Market Activity Increases

Open Interest grew by $3.6 million, representing over 30% growth according to Coinglass data. The increased derivatives activity combined with price gains indicates speculative traders were eager to establish long positions.

Funding rates have remained negative since June 24th. This means short position holders are paying long position holders, typically indicating bearish market sentiment despite the price rally.

The combination of increased Open Interest and negative funding rates suggests the move was likely driven by a short squeeze rather than organic buying pressure.

Resistance Levels Present Key Challenges

Pi Network faces immediate resistance at the $0.64 level. The token tested this level during its recent rally but failed to break through with conviction.

The $1 resistance level represents a more critical threshold for bulls. Pi has struggled to overcome this level since its initial launch, with high selling pressure consistently emerging around this price point.

A sustained move above $0.65 to $0.70 WOULD invalidate the current bearish outlook. However, current market conditions suggest this scenario remains unlikely in the near term.

The token previously rebounded to $0.82 but couldn’t maintain momentum toward the $1 resistance level. It then retreated back to the $0.6 support zone before falling further to $0.4 lows.

Market structure on the daily chart remains bearish for PI Network. Moving averages continue to show downward momentum despite the recent price recovery.

The bullish divergence between price action and the Money Flow Index provided the setup for this week’s rally. Price made lower lows while the MFI created higher lows, generating the conditions for the 24% jump.

Traders are watching whether Pi can maintain its breakout from the falling wedge pattern. A failure to hold current levels could lead to another test of the $0.4 support area.

The funding rate data suggests market participants remain cautious about Pi’s upside potential. Negative funding rates typically persist when traders expect further downside movement.

Current price action shows Pi trading around $0.63, having successfully broken out of its weeks-long consolidation pattern NEAR $0.40 lows.