Pi Network price has soared over 40% this week on community hype surrounding the first anniversary of its mainnet launch.

According to data from crypto.news, Pi Network (PI) price shot up to a four-week high of $0.205 last Sunday before settling at $0.187 at press time. This move reflects gains of over 40% over a seven-day period and has pushed its market cap up to $1.68 billion.

The biggest catalysts for the surge have been investor excitement over the celebration of the first anniversary of the Pi Network mainnet launch on Friday, Feb. 19. Traders seem to be pricing in the likelihood of developers revealing major announcements to commemorate the event.

At the same time, PI has significantly reduced monthly token unlocks, which has also contributed to the upside as reported earlier by crypto.news. There’s also significant community chatter around a potential Kraken listing, which is adding to the momentum.

Pi Network charts multiple bullish patterns

At press time, Pi Network was trading close to the 38.2% Fibonacci Retracement level at $0.193.

Pi Network price has formed multiple bullish patterns on the daily chart, which suggest the token rally still has steam left for more upside this week.

First, Pi Network price has broken out of a falling wedge pattern that had been forming since late November last year. This pattern consists of two converging and descending lines. A breakout is confirmed when price moves above the upper trendline, typically signaling a shift in momentum from bears to bulls.

Second, the token’s price action has also formed a bullish pennant pattern marked by a flagpole and a consolidation triangle. Bullish pennant patterns are considered strong continuation signals, often preceding another leg higher.

Hence, if PI token can reclaim the 38.2% retracement level, which is widely considered the primary threshold for trend validation, it would signal that the bullish trend remains strong.

Subsequently, the coin may continue rising as bulls target the next key resistance level at $0.212, which marks its monthly high and aligns with the 50% Fibonacci Retracement level.