PI Network (PI) Price Breaks Out Past $1.7 Resistance Ahead of March 14 Migration Deadline

PI Network Coin has gained strong momentum, breaking past key resistance levels as the broader market sustains its bullish consolidation.

In the ever-shifting landscape of cryptocurrencies, PI Network has quickly gained strong momentum, breaking past key resistance levels as the broader market sustains its bullish consolidation. Notably, with the March 14 Know Your Customer and Mainnet migration deadline approaching, many investors are watching to see if PI Network can keep this momentum.

The PI Network Price Breakout

After a period of consolidation, PI Network has crossed the $1.7 price level, which is designated as a critical resistance point. This breakout has drawn attention from traders who see it as a signal for a potential rally, especially after the cryptocurrency experienced a decline of over 80% from its all-time high of nearly $10 in November 2022.

According to CoinMarketCap data, PI Network’s price is $1.719, showing a surge of 20.67% over the last 24 hours. Additionally, the PI Coin trading volume increased by over 120%, reaching $842.34 million.

Per social chatter, many traders attribute this recent surge to growing confidence in the cryptocurrency as its migration deadline nears. After a period of sluggish activity, PI Network has witnessed a strong recovery.

Over the past week, PI Network has posted more than a 53% price gain, making it one of the best-performing digital assets in the market. The increased activity comes as many users rush to complete their Know Your Customer verification to secure their holdings before the final migration phase.

Earlier this year, PI Network announced that it would be shutting down its testnet and migrating to the mainnet. The cryptocurrency platform also revealed that it would be introducing a new token standard.

As part of the migration process, PI Network will be closing down its testnet and introducing a new token standard. Moreover, the platform will be switching to a new smart contract.

To prepare for the migration, PI Network is urging all members of its community to verify their accounts. The platform has stated that any unverified balances will be lost after March 14.

After the migration, PI Network will no longer be operating a testnet, and the current PI token will not be usable. Instead, a new token will be introduced, and the platform will begin operating fully on its mainnet.

Breaking the $1.7 resistance could set the stage for upward movement. PI Coin could soon test the $2 resistance mark if buying pressure continues. Historical data shows it has not reclaimed this level over the past 14 days.

A successful move past this point could lead to a rally toward $5 in the coming weeks. If achieved, analysts place long-term projections at $20, depending on key developments.

Why Is PI Network Soaring As KYC Deadline Draws Close

A major reason for PI Coin’s price surge is the upcoming March 14 KYC and Mainnet migration deadline. PI Network has reminded users that unverified balances will be lost after this date, driving more engagement within the community.

Many users who previously ignored the process are now rushing to complete their verification, increasing PI Coin’s demand.

In addition, speculation about a potential coin listing on the Binance exchange has contributed to the rally. Last month, Binance posted an announcement to its community regarding a possible listing of PI Network on the platform.

While the Binance PI vote indicated that 87.1% of participants favored listing the coin on the exchange, it has yet to make an official announcement.

What Next For PI Coin?

With PI Coin holding above $1.7, many investors believe the price could soon challenge $2. If momentum continues, the next targets could be $5 and $10 before the migration deadline.

However, the key factors that could push PI Coin toward $20 include successful KYC completion, increased adoption, and a major exchange listing. However, analysts advice tempered expectations considering the volatile PI ecosystem.