TLDR:Pi Network price jumped 7.8%, fueled by developer activity and wallet feature launch.Volume surged over 130% in 24 hours, reaching $245M and signaling rising market interest.A bullish falling wedge is forming, with $0.52 as the key resistance level to break.Support at $0.40 remains critical; a drop below may invalidate the current bullish structure.Pi Network has seen a sharp move in price today. The token jumped nearly 8%, sparking questions among traders. Volume also surged, suggesting something deeper may be stirring. But some analysts aren’t fully convinced by the breakout attempt. Investors are now split between a bullish breakout and a possible short-term fakeout.Volume Spikes After Wallet Feature and App Studio SurgePi Network’s latest wallet feature and a wave of new app launches on Pi App Studio seem to have triggered this momentum. Trading volume jumped over 130% in 24 hours, reaching $245 million, according to CoinGecko. The price touched $0.517 before pulling back to around $0.4875. Over the past week, Pi has ranged between $0.4345 and $0.5135.The uptick came just as the network added new functionality for developers. $PI looks good today! Surges 7.71% to $0.4871 with a massive 230% rise in volume ($190M). The rally comes after the #PiNetwork team revealed huge growth in app creation on Pi App Studio. Can this momentum hold – or is it just a temporary bounce? A falling wedge… pic.twitter.com/qh8F2bdEDL— Coinpedia Markets (@MarketCoinpedia) July 22, 2025Coinpedia Markets reported that increased builder activity played a key role in today’s rise. That volume spike added weight to a technical pattern that traders have been tracking.Chart watchers have identified a falling wedge forming on the PI/USDT chart. This is typically a bullish setup that can break out fast when volume supports it. The price is currently testing the top of the wedge, near $0.52.But not everyone sees a clean breakout. Another analyst, @pinetworkmember, noted that Pi touched a long-term trendline before retreating. The lack of follow-through raises concerns about a short squeeze pushing the price lower before another attempt.Today, $Pi perfectly hit the months long trendline (spoke about this yesterday) and wasn't powerful enough to break through it. Despite the new feature in the wallet. A short squeeze to the downside is possible before attending to break the trendline again. At the time… pic.twitter.com/gSQ9X6bBDo— pinetworkmembers (@pinetworkmember) July 22, 2025Pi Network Price Support at $0.40 Becomes CriticalDespite the excitement, traders are eyeing the $0.40 support zone. Pi has held above that level through recent volatility. A drop below it would cancel out the bullish wedge setup. If support holds, $0.66 remains a possible target, especially if $0.52 gets broken with strong volume.Until then, this remains a level-driven setup with clear risk zones. Traders are watching closely as momentum shifts play out in real time.The overall sentiment around Pi Network remains cautiously optimistic. Developer activity and wallet updates show ongoing growth. But price action needs confirmation before bulls can take control. Volume is here. Direction still isn’t.For now, $0.52 is the line to beat. Traders watching Pi are waiting for a clean move, and this one could go either way.Pi Network price on CoinGecko The post Pi Network Price Rises, But Can It Sustain the Rally? appeared first on Blockonomi.