PI has made a remarkable comeback, signaling a bullish uptrend as buying activity gains momentum after a recent decline. The resurgence in buying pressure indicates that the PI bulls are back in charge and aiming to reach their all-time high (ATH).

Key indicators are flashing bullish signals as PI regains strength in the market. Following a dip to $1.51 on March 2 from its ATH of $3 on February 27 due to profit-taking, PI has bounced back, showcasing a shift in market sentiment favoring the bulls over the bears.

Technical indicators like the Balance of Power (BoP) are pointing towards the increasing dominance of buyers in the market. Currently, the BoP is on an upward trajectory, hitting its ATH of 0.92, reflecting the growing strength of buyers.

The positive trend in buying momentum is reinforcing PI's upward trajectory, raising the possibility of the coin reclaiming its ATH of $3 with a surge in demand. Additionally, the Chaikin Money Flow (CMF) is confirming the increase in demand for PI, with the indicator resting above the zero line at 0.08.

With PI holding above support at $1.97 on the four-hour chart, a potential breakthrough above the $2.12 resistance level could pave the way for reclaiming the ATH of $3 if demand continues to strengthen.

However, a decline in demand relative to the rising supply could exert downward pressure on PI's price. The distribution of over 188 million PI to more than 1 million Pioneers this month may pose a challenge if demand wanes, potentially causing PI to retreat to $1.34 from its current level below $1.62.