Pi Coin（PI）價格從其高峰起70％，早期的礦工獲利

PI網絡的本地代幣Pi Coin（PI）最近在市場上面臨嚴厲的現實檢查。在2月下旬飆升之後，硬幣現在比峰值下降了70％以上

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.

PI網絡（PI）令牌最近在市場上面臨嚴厲的現實檢查。在2月下旬飆升至新高點之後，PI硬幣現在比其頂峰下降了70％以上，在短短幾天內降低了26％，而更廣泛的加密貨幣市場持續著重。

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.

隨著代幣進入熊市市場的深入，許多投資者想知道這只是暫時的下降還是對該項目釀造的更深入麻煩的標誌。

Early Miners Take Profits As Pi Coin Price Drops

早期礦工隨著PI硬幣價格下跌而獲得利潤

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.

最近的PI硬幣價格下跌背後的最大因素之一是代幣氾濫成災。這些早期的收養者多年來通過移動應用程序開採PI，終於能夠兌現，許多人正在這樣做。

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.

由於目前可用於代幣的有限的公用事業或現實世界中的用例，市場根本無法吸收巨大的售罄壓力。結果？價格迅速下降，因為供應壓倒性需求。

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.

對於加密市場的常規追隨者來說，這一發展並不奇怪。通常，當新項目以大量令牌供應啟動時，它會導致賣方壓力和落後的價格績效，這是Altcoin空間中常見的情況。

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.

但是，PI硬幣的情況正在擴大規模上展開。考慮到該項目擁有超過7,000萬用戶，因此如此龐大的用戶群從事匯總的拋售的影響是深遠的。

Mainnet Migration Issues Fuel Frustration Among Investors

主網遷移引起投資者的挫敗感

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.

另一個主要問題是PI網絡的主網遷移的持續延遲。儘管該項目將其KYC（了解您的客戶）驗證截止日期延長到2024年12月31日，但許多用戶仍在努力解決技術問題，以阻止他們遷移令牌。

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.

這種不確定性在社區中許多人的口中留下了酸味。投資者和早期的先驅者曾經充滿希望，現在在等待網絡完全啟動並提供超出投機交易的實際公用事業時，他們一直在不耐煩。

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

對於那些在整個旅程中都耐心地支持PI網絡的人來說，這方面缺乏進展是令人沮喪的。

Bearish Technicals: More Downside Ahead?

看跌技術：更不前方？

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.

從技術的角度來看，Pi硬幣的情況並沒有更好。代幣打破了至關重要的支撐水平1.50美元，觸發了經典的看跌頭和肩膀圖案，這種信號常常預示著進一步下降。

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.

相對強度指數（RSI）和MACD（移動平均收斂差異）指標都在閃爍警告信號，表明令牌的下降勢頭可能會在短期內繼續進行。

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.

如果令牌下一個心理支持低於1美元，它可以打開大門，以更深入地更正0.46美元，這與127.2％的斐波那契擴展相吻合。但是，如果買家設法捍衛1美元的支持，並且如果有交易量恢復的跡象，則可能表明潛在的逆轉。

Is There Still Hope for a Rebound?

仍然希望反彈嗎？

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.

儘管目前的下降趨勢，但仍有一線希望。在過去的幾年中，我們已經看到，在3月14日，PI Day，社區傾向於慶祝該項目的進步，這引發了Pi Coin的價格集會。

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

今年的類似反應可以幫助令牌找到一些基礎，至少在關鍵水平上進行交易。

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.

一些分析師建議，如果Pi Coin設法收回並持有高於1.50美元的成績，則更新的購買壓力可能會將其推向2.00美元的電阻。但是，這種反彈在很大程度上取決於解決持續的移民問題，並在社區內重建信任以維持集會。

Final Thoughts

最後的想法

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.

在這一點上，Pi硬幣站在一個關鍵的十字路口。最近的價格下跌強調了對該項目的長期生存能力以及其團隊兌現承諾的能力的越來越多的擔憂。

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.

如果沒有功能齊全的主網和清晰的用例，PI會完全失去動力，尤其是在強烈的集會後，更廣泛的加密貨幣市場表現出疲勞的跡象。

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

也就是說，眾所周知，加密貨幣市場是不可預測的，像Pi Coin這樣的社區驅動的代幣通常會在最不期望的時候對意外的集會感到驚訝。

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.

如果PI網絡團隊可以解決遷移問題並將新的生命注入該項目，那麼仍有恢復工作的機會。但是，如果銷售壓力持續存在，而用於購買活動的新驅動因素仍然難以捉摸，那麼我們可以在未來幾個月內看到PI硬幣的更深入的更正。