Pi Coin, the native cryptocurrency of Pi Network, is experiencing significant selling pressure after failing to sustain its $1 price level. The Pi Coin price has dropped 5% in the last 24 hours, currently trading at $0.923. Daily trading volumes have plummeted by 30.56%, falling below $200 million. Analysts attribute this downturn to recent PI token unlocks and increased movement to centralized exchanges (CEXs).
Rising Pi Coin Supply on Exchanges Intensifies Selling Pressure
Over the past week, Pi Coin has corrected by 22% after repeatedly failing to break through the $1.20 resistance level. This decline has caused Pi Coin to drop from its 11th position to 23rd in market rankings, losing over $13 billion in market capitalization within a month.
Key Factors Behind Pi Coin's Decline
- **Failed $1 Support**: Pi Coin's inability to reclaim the $1 mark coincides with a surge in exchange deposits, including nearly 8 million PI tokens transferred to CEXs.
- Increased Exchange Holdings: Over 338 million PiCoins are now held on centralized exchanges, raising concerns about potential sell-offs and volatility.
Market experts suggest the PiCore Team (PCT) should implement urgent measures, such as burning 60–100 million coins from circulation, to stabilize prices.
Pi Coin Price Prediction: Is a Rebound Coming?
Technical analysis reveals intriguing patterns for Pi Coin's future trajectory:
- Triple ZigZag Formation: A TradingView chart by Coinvo highlights a potential trend reversal for the PI/USDT pair on Bitget, indicating upward momentum.
- Elliot Wave Analysis: The 8-hour chart suggests corrective waves (A, B, C) may transition into a bullish phase, with price targets near $0.9512.
👉 Check real-time Pi Coin price updates
TraderFy predicts a major breakout, citing a "falling wedge" pattern with potential targets at $2.00529 and $2.38466.
FAQs
Why is Pi Coin dropping?
Selling pressure from token unlocks and exchange deposits has driven the price down.
Can Pi Coin recover?
Technical indicators suggest a possible rebound, but market conditions and team actions will be decisive.
What’s the long-term outlook for Pi Network?
Adoption, utility, and supply management will determine Pi Coin's sustainability beyond speculative trends.
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Final Thoughts
While Pi Coin faces short-term challenges, its long-term viability hinges on Pi Network’s ecosystem growth and strategic interventions. Investors should monitor exchange flows, technical patterns, and team announcements closely.
Disclaimer: This content reflects market conditions at publication. Conduct independent research before making financial decisions. The author and publisher are not liable for investment losses.