The price of Pi Network has fallen below $1, currently trading at $0.92 after experiencing a 4% drop in the past 24 hours, even as the overall cryptocurrency market recovers.
Pi continues to face challenges, having declined by over 65% from its earlier peak of $3 earlier this year. One key factor contributing to this decline is the increasing supply pressure. Recent data reveals that nearly 99.3 million Pi (PI) tokens, valued at around $91 million based on prices from March 25, are set to be unlocked in the next month.
On average, 3 million tokens are expected to be unlocked each day throughout this period. The largest single-day release is scheduled for April 3, when 6.8 million tokens will enter circulation. With an anticipated total of 115.57 million in April, 182 million in May, and 222 million in June, further significant unlocks are expected, which may add to the selling pressure.
Investor sentiment has also been weighed down by uncertainty regarding exchange listings. Many had hoped for a listing on Binance, but rising frustrations are evident as confirmations remain elusive. Additionally, concerns about centralization are increasing.
Unlike most blockchains that operate with independent nodes, Pi’s SuperNodes are controlled by the Pi Core Team. While their number has increased to 42 from just three at the beginning, the process for selecting these nodes has not been clearly explained by Pi Network.
Some analysts suggest that burning tokens could help stabilize the price. In a recent post, one cryptocurrency analyst recommended reducing the supply by 60–100 million Pi coins to balance the market. While Pi Network did recently burn 10 million tokens, reducing the total supply to 6.77 billion, the effect on price stabilization has been minimal.
From a technical perspective, PI is trading at $0.9253, exhibiting a weak trend. Support is positioned at $0.70, with the price struggling to maintain above the $1.00 mark, which acts as immediate resistance.
With PI approaching the lower band, the Bollinger Bands suggest that sellers currently dominate the price fluctuations. Although it isn’t at oversold levels yet, the relative strength index stands at 43.27, indicating a bearish trend. Key moving averages (10, 20, 30 periods) point towards selling pressure, and the moving average convergence divergence remains bearish as well.
If PI falls below $0.85, it may drop to the $0.70 range. Conversely, if it breaks above $1.00, it could shift the momentum towards the next target of $1.34. As of now, PI remains weak unless there is upward movement from buyers.