虽然加密市场在没有明确方向的情况下振荡，但一些内部动态正在重创紧张局势

本月，PI网络项目将向市场注入大量令牌。密切监控的操作可能会恶化

The cryptocurrency market continues to be a stage for internal dynamics as it moves without a clear direction. This month, the Pi Network project is set to inject a massive amount of tokens into the market, an operation being closely monitored.

加密货币市场仍然是内部动力学的阶段，因为它在没有明确方向的情况下移动。本月，PI网络项目将为市场注入大量令牌，并密切监视了一项操作。

The project plans to unlock 100 million tokens, which translates to nearly 60 million dollars. This influx of tokens into the market is causing worry among analysts, who fear an oversupply on a market already in decline.

该项目计划解锁1亿个令牌，这转化为近6000万美元。大量的代币进入市场正在引起分析师的担忧，分析师担心在一个已经下降的市场上供过于求。

The arrival of such volume in circulation could trigger significant selling pressure. This type of event is always closely watched, especially when demand remains modest and the fundamentals of this crypto project are not very motivating in the short term.

这种循环中这种体积的到来可能会引发巨大的销售压力。这种类型的事件始终受到关注，尤其是当需求保持适中，并且该加密项目的基本面在短期内并不是很有动力。

Investor concerns crystallize around several key factors:

投资者涉及几个关键因素：

This scenario could lead to a decline of the token in the coming weeks. The most cautious observers even mention the risk of the token approaching its historical lows if no buying interest appears.

这种情况可能会导致在接下来的几周内使令牌下降。最谨慎的观察者甚至提到如果出现没有购买利息的话，即将令牌接近其历史低点的风险。

Technical analysis further reinforces concerns as the “Balance of Power (BoP)” indicator is currently declining, reflecting a growing dominance of sellers.

技术分析进一步加剧了人们的关注，因为“权力平衡（BOP）”指标目前正在下降，这反映了卖方的统治地位。

Moreover, “Chaikin Money Flow (CMF)”, a tool used to assess buying or selling pressure, has displayed a negative signal since February 26, 2025. This trend “suggests a continuous outflow of capital” from the Pi network, a sign perceived as unfavorable for its short-term stability.

此外，自2025年2月26日以来，用于评估买卖压力的工具“ Chaikin货币流（CMF）”显示出负面信号。这种趋势“暗示了PI Network的连续资本流出”，这是一个因其短期稳定而被认为是不利的标志。

However, these signals should not be interpreted in isolation. Their convergence supports the thesis of a progressive loss of confidence, particularly in a context of weak buyer support. Within this framework, analysts mention the possibility of a crypto price decline towards its historic low, located at $0.40, if the current trend confirms. This technical level, though distant, seems increasingly less theoretical.

但是，这些信号不应孤立地解释。他们的融合支持逐渐失去信心的论点，尤其是在买方支持薄弱的情况下。在此框架内，分析师提到，如果当前趋势确认，将加密货币价格下跌的可能性下降到其历史低位，则为0.40美元。这种技术层面虽然遥远，但理论上似乎越来越少。

The accumulation of these elements leads to considering several scenarios. A smooth absorption of the unlock, although desirable, seems unlikely without a recovery in buyer interest or a strong fundamental announcement. Conversely, an acceleration of selling pressure could push the token towards a critical threshold. This pivotal moment for Pi Network could thus serve as a real-world test to evaluate the robustness of its ecosystem.

这些元素的积累导致考虑几种情况。如果不希望获得的解锁，则没有获得买方利息或强有力的基本公告，但平稳的吸收似乎不可能。相反，销售压力的加速可能会将令牌推向关键的门槛。因此，PI网络的关键时刻可以用作评估其生态系统鲁棒性的现实测试。