In the cryptocurrency market, PI Network (PI) has shown remarkable recovery after a drop, with its price surging over 100%, sparking investor interest.
Miners' Sell-Off Weakens
The initial price decline was triggered by mass selling from miners who accumulated PI tokens before the mainnet launch. As many of these sellers have exited the market, selling pressure has eased, allowing the price to stabilize and recover.
Pi Network Responds to Allegations
A swift response from the Pi Network team helped reverse market sentiment. On February 22, the team publicly responded to allegations by Bybit CEO Ben Zhou, improving market confidence and aiding recovery.
Speculations on Binance Listing
Further boosting the rally was speculation regarding a potential listing on Binance. A Binance community poll showed 85% support for listing PI, which increased investor optimism.
Over the last 24 hours, PI Network has shown strong recovery after the initial drop. Positive sentiment from the response to allegations and speculation about a Binance listing has fueled the rally. However, breaking above the descending trendline resistance will be crucial for continued growth.
