Pi Coin (PI) Price Crashes 70% From Its Peak, Early Miners Taking Profits

Pi Coin (PI), the native token of the Pi Network, has recently faced a harsh reality check in the market. After soaring in late February, the coin is now down over 70% from its peak

The Pi Network (PI) token has recently faced a harsh reality check in the market. After soaring to new highs in late February, Pi Coin is now down over 70% from its peak, shedding 26% in just a few days, while the broader crypto market continues to rally.

As the token slides deeper into bear market territory, many investors are wondering if this is just a temporary dip or a sign of deeper trouble brewing for the project.

Early Miners Take Profits As Pi Coin Price Drops

One of the biggest factors behind the recent Pi Coin price drop is the flood of tokens hitting the market from early miners. These early adopders, who mined PI through the mobile app for years, are finally able to cash out, and many are doing just that.

With limited utility or real-world use cases available for the token right now, the market simply can’t absorb the massive sell-off pressure. The result? A rapid decline in price as supply overwhelms demand.

This development comes as no surprise to regular followers of the crypto market. Often, when new projects launch with a large token supply, it leads to sell-side pressure and lagging price performance—a common occurrence in the altcoin space.

However, the situation with Pi Coin is unfolding on an amplified scale. Considering that the project boasts over 70 million users, the implications of such a large user base engaging in en masse sell-offs are far-reaching.

Mainnet Migration Issues Fuel Frustration Among Investors

Another major concern is the continued delay in Pi Network’s mainnet migration. Although the project extended its KYC (Know Your Customer) verification deadline to December 31, 2024, many users are still struggling with technical issues that prevent them from migrating their tokens.

This uncertainty has left a sour taste in the mouths of many in the community. Investors and early pioneers, once hopeful, are now growing impatient as they wait for the network to fully launch and offer actual utility beyond speculative trading.

The lack of progress on this front is a source of frustration for those who have patiently supported Pi Network throughout its journey.

Bearish Technicals: More Downside Ahead?

From a technical perspective, things aren’t looking much better for Pi Coin. The token broke below a crucial support level of $1.50, triggering a classic bearish head and shoulders pattern, a signal that often foreshadows further declines.

Both the Relative Strength Index (RSI) and MACD (Moving Average Convergence Divergence) indicators are also flashing warning signs, showing that the token’s downward momentum could continue in the near term.

If the token dips below the next psychological support at $1, it could open the door for a deeper correction towards the $0.46 level, which coincides with the 127.2% Fibonacci extension. However, if buyers manage to defend the $1 support and if there are signs of a recovery in trading volume, it could indicate a potential reversal.

Is There Still Hope for a Rebound?

Despite the current downtrend, there’s still a glimmer of hope on the horizon. In previous years, we’ve seen that on March 14, Pi Day, the community tends to rally together to celebrate the project’s progress, which has triggered price rallies for Pi Coin.

A similar reaction this year could help the token find some footing, at least temporarily, as it trades at critical levels.

Some analysts suggest that if Pi Coin manages to reclaim and hold above the $1.50 mark, renewed buying pressure could push it back toward the $2.00 resistance. However, such a rebound heavily depends on resolving ongoing migration issues and rebuilding trust within the community to sustain a rally.

Final Thoughts

At this point, Pi Coin stands at a critical crossroads. The recent price drop highlights growing concerns about the project’s long-term viability and the ability of its team to deliver on promises.

Without a fully functional mainnet and clear use cases, PI risks losing momentum entirely, especially with the broader crypto market showing signs of fatigue after a strong rally.

That said, the crypto market is notoriously unpredictable, and community-driven tokens like Pi Coin have often surprised with unexpected rallies when least expected.

If the Pi Network team can fix migration issues and inject new life into the project, there’s still a chance for a recovery in the works. However, if the selling pressure persists and new drivers for buying activity remain elusive, we could witness an even deeper correction for Pi Coin in the months ahead.