PI Rockets, Then Pulls Back: What’s Driving the Swings?

Pi Network’s IOU token is cooling off after a sharp weekend rally, with price now trading near $0.17 following a volatile 48-hour stretch.

After briefly surging 35% on February 15, PI faced heavy resistance near the $0.20 level and has since pulled back roughly 11–15% over the past 24 hours.

It’s important to note that Pi remains in its Enclosed Mainnet phase, meaning most current trading activity reflects IOUs and limited exchange pairs on platforms such as MEXC, OKX, and Bitget rather than fully open mainnet liquidity.

Weekend Surge Meets $0.20 Resistance

At the time of writing PI is trading at $0.1703, showing consolidation after failing to sustain momentum above $0.20.

The sequence unfolded quickly:

• February 14: Price hovered near $0.15
• February 15: Rally extended to a local high around $0.206
• February 16: Sharp rejection and retracement toward $0.17

Volume expanded significantly during the breakout attempt, then tapered as sellers stepped in at the psychological $0.20 level. The rejection suggests that while short-term speculative demand remains present, overhead supply is still active near recent highs.

Immediate support now sits in the $0.16–$0.165 region, with deeper structural support closer to $0.14 if downside extends.

What Triggered the Rally?

The initial 35% surge followed confirmation that the mandatory node upgrade (v19.6) was successfully completed by the February 15 deadline. This upgrade is aimed at improving network stability and preparing for Stellar protocol v22 integration.

Several additional developments contributed to the heightened attention:

• KYC Bottlenecks Cleared: Approximately 2.5 million Pioneers previously stuck in pending KYC states were unblocked, enabling further Mainnet migration.
• Validator Rewards Update: Distribution of KYC validator rewards remains scheduled by March 31, 2026.
• Upcoming Updates: Version 19.9 performance improvements are planned for February 27, followed by the activation of the Pi Decentralized Exchange (DEX) on March 12.
• Mainnet Anniversary Narrative: Market activity has intensified ahead of the one-year anniversary of the Open Network transition on February 20.

Structure Remains Speculative

Despite the recent surge, PI’s current trading environment remains speculative due to the Enclosed Mainnet status. Liquidity and price discovery are limited compared to fully open networks.

To regain bullish momentum, PI would need to reclaim and hold above $0.20, converting that level into support. Failure to stabilize above $0.16 could expose the $0.14 region as the next downside area.

For now, Pi Network is balancing between technical resistance and fundamental progress — with volatility likely to remain elevated as upcoming milestones approach.

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