Pi Network price has dropped below $1, now trading at $0.92 after a 4% decline in the past day despite a broader crypto market recovery.
Pi continues to struggle, down more than 65% from its earlier peak of $3 this year. The growing supply pressure is one of the main causes of this decline. According to data from Pi Scan, nearly 99.3 million Pi (PI) tokens, worth approximately $91 million at Mar. 25 prices, are scheduled to be unlocked over the following 30 days.
An average of 3 million tokens will be unlocked every day over this period. On Apr. 3, the biggest single-day unlock will take place, bringing 6.8 million tokens into circulation. With a total of 115.57 million in April, 182 million in May, and 222 million in June, even bigger unlocks are anticipated in the future. More selling pressure might result from this.
Uncertainty surrounding exchange listings has also negatively impacted investor sentiment. Many people were hoping for a Binance listing, but they are becoming increasingly frustrated as there has been no confirmation. Concerns regarding centralization are also growing.
In contrast to most blockchains where nodes are run independently, the Pi Core Team is in charge of Pi’s SuperNodes. Although there are now 42 of these nodes instead of just three at launch, Pi Network has not made it clear how these nodes were chosen.
Burning tokens, according to some, might aid in price stabilization. On a Mar. 24 post on X, cryptocurrency analyst Dr. Altcoin recommended reducing the supply by 60–100 million Pi coins to balance the market. Although Pi Network recently burned 10 million tokens, reducing the total number in circulation to 6.77 billion, the price has not benefited significantly from this burn.
On the technical side, PI is trading at $0.9253 and showing a weak trend. Support is at $0.70, and the price is having trouble holding above $1.00, which is serving as the immediate resistance.
With PI close to the lower band, the Bollinger Bands indicate that sellers are in control of the price swings. Though it hasn’t yet reached oversold levels, the relative strength index at 43.27 indicates a bearish trend. Important moving averages (10, 20, 30 periods) indicate selling pressure, and the moving average convergence divergence is likewise bearish.
PI may drop to the $0.70 region if it fas below $0.85. With $1.34 as the next target, a break above $1.00 could shift the momentum. For now, PI remains weak unless buyers push it higher.
