Pi Coin Price Rebounds 80% After the Crash—Can It Sustain the Rally?

The cryptocurrency, which had peaked at $1.97 on its first day of trading, fell sharply to a low of $0.737 before rebounding in the following sessions.

The rapid fluctuation in Pi Coin’s price has drawn attention, with many investors questioning whether the token can maintain its momentum. According to data from CoinMarketCap, Pi Coin has demonstrated strong buying interest, with a recent high of $1.52 and support levels forming around $1.10. Analysts believe the token’s ability to stay above this level could dictate its future trajectory.

Pi Network’s Growing Adoption

Even with the volatility, Pi Network continues to grow its user base. The network, which was launched in 2019 by Stanford Ph.Ds Nicolas Kokkalis and Chengdiao Fan, today has more than 60 million members. The mobile-first mining mechanism of the project enables people to earn Pi Coin by simply launching the application and clicking on a button every 24 hours. Pi Network launched its main net earlier this month after a series of delays.

Pi Coin jumps 80% to $1.29 after a sharp Day 1 crash—can the rally continue? Source: Satch via X

Pi Network has picked up massive momentum in India, with over 100 million downloads from the Google Play Store. Exchanges such as OKX, Bitget, Bitrue, HTX, and BitMart have already listed the token, making it available to the international market.

To promote adoption, Bitget has launched a $60,000 Pi Coin airdrop until March 3, and BitMart is giving a $3,000 USDT reward for 300 lucky users.

What Led to Pi Coin’s Initial Drop?

Pi Coin’s launch was met with high expectations, but several factors contributed to its sharp decline. A key reason was skepticism from industry leaders. Bybit’s CEO, Ben Zhou, called Pi Network a scam, citing reports that accused the project of targeting elderly investors. Pi Network has strongly denied these allegations, emphasizing its six-year development journey.

Pi Network (Pi Coin) price chart. Source: TradingView

Another contributing factor was a wave of sell-offs from early adopters. Historically, many pre-mainnet investors rush to liquidate their holdings once trading begins, fearing a prolonged downturn. Similar trends have been observed in other Web3-based ‘tap-to-earn’ tokens, such as Hamster Kombat, which saw significant declines after their launches.

The weakness of the overall crypto market was also to blame. Bitcoin and major altcoins have been correcting in a downtrend, and the crypto fear and greed index dropped from an ‘extreme greed’ reading of 88 to a neutral reading of 40. New coins typically perform better under upward conditions, and Pi Coin’s initial weak performance was in line with the general market downtrend.

Watch – Pi Network Price Prediction Video

Can Pi Coin Sustain Its Rebound?

While Pi Coin has bounced back convincingly, the question is whether the rally will be sustainable. Technical analysts have pointed out that if the token is able to remain above $1.10, then it could have additional upside. A drop below, however, may see the $0.94–$1.00 region being tested again.

Pi Network (Pi Coin) is expected to rebound for a bullish move from the $1 support level. Source: Eyeshot7 on TradingView

Market sentiment will be a decisive factor for the future of Pi Coin. As long as investors remain hopeful and demand continues to grow, the token might be able to chart a more consistent upward trajectory. However, ongoing skepticism about its legitimacy and the future direction of the crypto market could cause more volatility.

Since Pi Network is developing its ecosystem, the next few weeks will be important to see whether this revival is the beginning of a long-term uptrend or a short-term bounce.