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The Pi Network price soared 22% in the last 24 hours to trade at $1.89 as of 02:28 a.m. on trading volume that surged 12% to $776 million.
The PI price surged to defy the crypto crash, which saw BTC drop below $86,000 and the overall market fall 2% in the last 24 hours to a $3 trillion capitalization, according to Coingecko.
Can the price of Pi Network continue soaring?
Pi Network Price On A Sustained Bullish Trend
The PI price chart on the 1-hour timeframe shows a strong bullish trend, with the price currently at $1.8964, marking a 1.24% increase in the last session.
The Pi Network price has been following an upward trajectory, respecting the 50 Simple Moving Average (SMA) at $1.5960, which has been acting as a dynamic support.
According to the Fibonacci retracement, the price of PI has successfully broken above the 0.236 Fibonacci level at $1.7081, which previously acted as a resistance. This breakout suggests strong bullish momentum, with the potential to test higher resistance zones.
The Pi Network price has already surpassed the 0.236 level ($1.7081), turning it into a support zone. The next potential resistance lies at the previous high around $2.2055.
Meanwhile, the Relative Strength Index (RSI) is at 86.22, indicating that the market is in extremely overbought conditions. Typically, an RSI above 70 warns that a correction or consolidation may occur soon.
PI Price Prediction
Given the strong bullish momentum, the Pi Network price is likely to continue pushing higher toward the $2.00-$2.20 resistance zone in the short term.
However, the overbought RSI suggests that a correction may be imminent before another leg up. If a pullback occurs, $1.70 (0.236 Fib level) and $1.60 (50-SMA) could serve as support zones for potential re-entry.
Meanwhile, investors are buying a new Solana meme coin called Solaxy (SOLX), which popular YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 10X post-launch.
Solaxy Presale Closing On The $24 Million Mark – Next 10X Crypto?
Solaxy operates as a layer-2 network on top of the Solana blockchain, processing transactions off-chain before bundling them and submitting them back to the layer-1 network for completion. This approach aims to tackle one of Solana’s persistent challenges – network congestion.
Solana can theoretically handle up to 65,000 transactions per second, but usually experiences slowdowns (and failures) during busy periods, such as when meme coins launch.
Solaxy’s team hopes to eradicate these slowdowns and create a more efficient setup for traders and developers.
Solaxy is the first layer-2 solution on Solana, and its ongoing presale just crossed $23.6 million.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
Moreover, once launched, Solaxy will provide a platform where developers can build decentralized applications or launch new tokens without compromising (and possibly even improving) Solana’s layer-1 capabilities.
Solaxy also offers holders who stake the project’s SOLX token a huge annual yield of 172%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001646 each using BNB, ETH, USDT, or a bank card.
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