Crypto
Pi Network Token Rallies to Three-Week High Amid Looming Unlocks
Pi Network's native token PI rose as much as 15% to reach its three-week high near $0.096 on Wednesday, defying a sluggish broader crypto market.
The rally pushed the token's market capitalization above $1 billion and broke a key descending channel that had confined price action since late April.
Despite the move, technical analysts warn of potential short-term pullbacks due to overbought conditions on the 4-hour Stochastic RSI chart, which has climbed deep into territory near 82 and 87.