• Pi Network (PI) rose 12.56% to $0.6230 after a technical recovery from a sharp drop.
• Market cap hit $4.63B with $103.5M in volume, showing rising trading activity.

Pi Network (PI) surged 12.56% over the past 24 hours, reclaiming $0.6230 amid a wave of speculative accumulation. The token’s market cap now stands at $4.63 billion, while 24-hour trading volume hit $103.51 million, marking a sharp 54.20% spike. 

With a fully diluted valuation (FDV) of $62.3 billion and a circulating supply of 7.44 billion PI, the market cap ratio sits at 2.22%, pointing to heightened trading intensity.

The recent price action follows a steep sell-off on June 13, which triggered widespread liquidations. That drop reset leveraged positions, clearing room for technical recovery. Many short-term traders spotted Fibonacci-aligned support zones and initiated bids. 

Despite current gains, looming concerns remain. A scheduled unlock of 33.2 million PI tokens this month and unresolved KYC migration issues cast uncertainty over long-term bullish continuity.

Can PI Break Resistance or Fall Further?

Technically, PI is navigating a precarious recovery zone. After breaching lower levels, the price established $0.6200 as short-term support. The rejection from $0.6410 signals resistance at that zone. 

A confirmed breakout above $0.6410 could set the stage for a rally toward $0.6580. However, if $0.6200 breaks decisively, PI may revisit the intraday low near $0.6100 or worse, dip toward $0.6000.

Momentum signals remain mixed. The Relative Strength Index (RSI) sits at 47.19, below its moving average of 50, indicating neutral to weak buying pressure. The RSI average at 43.72 has not yet triggered a firm directional bias.

Meanwhile, the Chaikin Money Flow (CMF) at 0.02 barely holds above zero, suggesting minor inflows are supporting price action. This level could easily flip bearish if volume wanes.

A short-term moving average crossover occurred as the RSI touched 60 briefly during the early rebound. The fast-moving line then reversed below the slower one, reflecting a failed bullish breakout. Such a crossover typically foreshadows a cooldown phase unless renewed demand steps in soon.