Pi Coin (Pi Network/PI) is currently one of the best-performing cryptocurrencies in the market, trading in the green zone across the board. According to CoinGecko data, PI’s price has surged 14.4% in the last 24 hours, 13.5% in the last week, 16.9% in the 14-day charts, and 26.8% over the previous month. Pi Coin’s price rally is also outperforming industry giants, such as Bitcoin (BTC), Ethereum (ETH), XRP, etc.

Why is Pi Coin’s Price Rallying Today?

PI’s latest upswing is likely due to the project filing under the European Union’s (EU) MiCA (Markets in Crypto-Assets) regulation. The move may have led to a massive boost in investor sentiment. PI had a bullish start to 2025, but lost substantial steam over the last few months. Things finally seem to be turning around for the popular cryptocurrency. However, whether the rally is sustainable is a question one must ask.

Given the bearish market environment, there is a high chance that Pi Coin’s (PI) rally will fizzle out over the coming days. Bitcoin (BTC) is the market leader, and most other assets will likely follow its trajectory. PI’s upswing is likely tied to its MiCA filing, and investors may begin to book profits soon.

Pi Coin (PI) could sustain its rally if the larger crypto market gains momentum. The market took a massive hit over the last month, after investors priced in diminishing chances of another interest rate cut in 2025. Trade wars and macroeconomic conditions have also likely contributed to the market’s current predicament.

Also Read: Crypto Exchange Kraken files for US IPO

CoinCodex analysts also do not expect Pi Coin’s price rally to sustain. The platform predicts that the asset will dip to $0.1767 by the end of this month. Falling to $0.1767 from current price levels will entail a correction of about 31.4%.