Pi Network (PI) Price Drops 19% to Trade Below $1 as Unlock of 129M Tokens Hits the Market

Pi Network (PI) has seen its price take a significant hit, dropping 19% in the last day to trade around $1.09, according to the latest data from CoinMarketCap.

According to the latest data from CoinMarketCap, Pi Network (PI) has seen a significant price drop of 19% in the last day, reaching around $1.09. This slide has also pushed Pi Network down the cryptocurrency rankings, from the 11th spot to 15th, as of writing.

A key indicator of the market’s reaction is the massive 70% surge in trading volume, signaling a rush to sell.

While there was considerable initial excitement surrounding Pi Coin, recent times have been tougher. The lack of major updates and key announcements seems to be adding to the pressure, leading to a more negative sentiment among investors.

PI Token Unlock and Market Sentiment

The primary driver behind this latest price drop appears to be the upcoming release of Pi tokens. We’re talking about roughly 129 million Pi Coins, which translates to a hefty $140 million hitting the open market.

Pi has dropped to #13 in the CMC ranking as its price falls below $1.3. The price drop is directly correlated with public sentiment.

The failure to get listed on Binance, despite 86% of the community voting in favor, raises serious concerns about public trust in the project. This…

— TokenPulse (@TokenPulse__) March 14, 2024

Historically, when a large number of new tokens become available, it can often lead to increased supply and, consequently, downward pressure on the price. This has many traders worried that Pi Coin could even dip below the critical $1 support level.

However, breaking down the technical analysis, we can see that the Relative Strength Index (RSI) on the 4-hour chart is approaching the oversold zone, suggesting strong selling pressure. But, this level can sometimes indicate a potential price reversal if buyers decide to step in.

Moreover, the price has broken below the lower Bollinger Band (around $1.12), which often signals continued bearish momentum. But, past occurrences have occasionally been followed by short-term price bounces.

For investors watching closely, if Pi Coin breaks below the $1.05 mark, then the next significant level to watch is the psychological $1 support. Falling below this could trigger further panic selling.

On the other hand, for any meaningful recovery, Pi would need to climb back above the middle Bollinger Band (around $1.36) and then establish $1.60 as a solid support level.