Pi Network [PI] was one of the biggest winners in crypto recently. In the last 24 hours, it has rallied by 20.5% and saw a 142% increase in daily trading volume. These impressive numbers could be a signal of a trend shift for the altcoin.

Since last Friday’s low at $0.194, PI has rallied by 51% to reach $0.294. At the time of writing, it was challenging the $0.292 resistance from September 2025. Can the bulls achieve another victory?

AMBCrypto had pointed out that the Pi Network token was one to keep an eye on this week. Its breakout past the $0.2 resistance zone occurred on high volume, invalidating the bearish daily structure and establishing a bullish one.

At the time of writing, the structure remained bullish, but it might be overextended. The daily RSI was above 80 and posed the threat of forming a bearish divergence. Combined with the $0.29-$0.30 supply zone, it could set up the conditions for a PI retracement.

The OBV has made new highs in recent weeks to signal steady buying pressure. The above-average trading volumes also indicated steady demand for PI.

Open Interest nearly doubled in the last 48 hours, and the funding rate was still positive at press time. It showed that speculators may be betting on the rally to continue.

A short squeeze beyond $0.3 is possible in the coming hours.

The 4-hour chart’s RSI was in overbought territory, but that does not guarantee an immediate pullback. It is still possible that PI would rally beyond $0.30. Rather than buying at these levels, swing traders can wait for a retracement.

Fibonacci levels can help plot the next potential support zones. As things stand, the $0.23 area is a pivotal demand zone. It marks a previous local high that has since been reclaimed as a support level.

• Traders should not FOMO into buying PI at these levels, though short-term gains might be possible. 
• Over the next week, a retracement towards the $0.23-$0.26 area could allow buyers to enter the market.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.