Despite an overall slight decline in the cryptocurrency market, with Bitcoin dropping to $112,000, Pi Network’s token has impressively surged today by over 50% since it hit an all-time low during the market-wide crash on October 10.

This recent spike in the PI token appears to be linked to speculation as the Pi Network may be entering the ISO 20022 race, alongside notable competitors like Ripple and Stellar. This was highlighted by Cointelegraph through various discussions on social media.

Such speculations aren’t new, yet coverage by prominent news outlets might have driven today’s price rally, pushing PI above $0.26 once again. Following a 16% rise today, the token also saw a 30% increase over the week.

Moreover, the vibrant Pi Network community has eagerly discussed predictions regarding this recent price momentum. A Twitter account dedicated to Pi Network news, boasting over 45,000 followers, noted that the current chart for PI looks bullish, reminiscent of Solana’s significant rise in 2020.

“This chart looks exceptional and bullish. This reminds me a lot of the Solana chart from 2020, when SOL was still trading at around $0.60”

Additionally, data from PiScan indicates that the average number of tokens projected to be unlocked in the coming month is around four million, potentially lowering selling pressure and contributing to price stabilization.