TL;DR

Pi Networks native token has defied the overall crypto market trend today as its price has risen by 4% since yesterday and has defended the $0.8 support. PIs community quickly picked up the positive price actions, which came after weeks of consecutive retracements, and outlined bullish predictions. Less than a week after its official launch on February 20, PI skyrocketed to a fresh all-time high at $3 on February 26. However, its momentum quickly evaporated, and the asset went south hard.

In the following month, PI plunged by over 70% and dumped to under $0.75, which many analysts highlighted as an important support zone that could lead to a price reversal.

This seems to be the case so far, as PI has risen by over 14% since that local bottom. On a daily scale alone, the asset is up by 4.1%, according to data from CoinGecko.

PI Token Price. Source: CoinGecko Although 4% doesnt sound like much, especially when considering its overall crash in the past month, its particularly impressive given the fact that almost the entire crypto market is in the red today. BTC is down below $86,000 once again, while alts such as DOGE, LINK, SHIB, DOT, APT, and ICP have dropped by over 5%.

PIs growing community praised the price reversal, and some projected an immediate surge to $1.2. Others highlighted the growing trading volume, which could be considered a good sign as well in an environment of low activity in the broader market.

Perhaps whats most bullish in regards to PIs price movements is the fact that the tokens exchange deposits have slowed down to roughly a million, compared to the massive numbers registered over the past month.

At one point, there were over 300 million PI tokens transferred to centralized exchanges, which increases the selling pressure immediately.

$PI exchanges deposits are finally slowing down.

In the last 24 hours only 1M $PI was deposited.

The biggest transfer was exchanges to exchange (Bitget to GATE)

If the trend continues we will see the exchange supply start to reduce and eventually pump the price.#PiNetwork pic.twitter.com/CbWAHDs9om

Certain positive developments are also happening in the Pi Network ecosystem, such as Telegram wallet integration for PI. You can find more on the matter in our frequent Pi Network News section.