Pi Network’s native token broke the price stability it enjoyed in recent days, plunging as much as roughly 10% at one point to a multi-month low.
The drop comes even though only a relatively small number of tokens are scheduled for unlocking in the next few weeks. Still, some analysts believe PI may face further downside after losing a key support level.
PI Drops Again
PI has struggled to mount and sustain a convincing breakout for months. The token hit an all-time low of $0.1312 on February 11, then rallied sharply in the following weeks to reach $0.30 about a month later amid excitement over a possible listing on the US exchange Kraken.
After the token went live on Kraken, however, a classic sell-the-news reaction followed and PI tumbled below $0.18 within 48 hours. The asset attempted a few breakouts in the subsequent two months but repeatedly stalled at the $0.20 resistance level.
Over the past week PI traded in a narrow range between $0.17 and $0.18, but it recently plunged to a three-month low around $0.155 before finding some support near $0.16. The token remains down more than 6% on the day, and the wider market sell-off appears to be the main driver.
Bitcoin and many altcoins dumped sharply in the last 24 hours, with BTC falling below $78,000 and some altcoins dropping up to 10%. PI was not immune to that weakness; its market capitalization has declined below $1.7 billion on CoinGecko, pushing it out of the top 50 altcoins by market cap.
More Pain Ahead?
On X, commentator Crypto_Jobs warned that if PI cannot reclaim the $0.165 level and reverse the downtrend soon, deeper losses could follow. They highlighted possible support levels that could be tested, including a fall to $0.13, which would establish a new all-time low.
Conversely, if PI can regain momentum and push above $0.165, upside targets would include $0.18 and potentially $0.215. At the moment, however, the outlook appears fragile.
The token unlock schedule for the coming month averages about 6.3 million PI per day, which is lower than the peaks above 8 million seen a few months ago. That said, there are several days when more than 15 million tokens are slated for release; those concentration events could increase near-term selling pressure.