Pi Coin（PI）价格从其高峰起70％，早期的矿工获利

PI网络的本地代币Pi Coin（PI）最近在市场上面临严厉的现实检查。在2月下旬飙升之后，硬币现在比峰值下降了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网络（PI）令牌最近在市场上面临严厉的现实检查。在2月下旬飙升至新高点之后，PI硬币现在比其顶峰下降了70％以上，在短短几天内降低了26％，而更广泛的加密货币市场持续着重。

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.

随着代币进入熊市市场的深入，许多投资者想知道这只是暂时的下降还是对该项目酿造的更深入麻烦的标志。

Early Miners Take Profits As Pi Coin Price Drops

早期矿工随着PI硬币价格下跌而获得利润

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硬币价格下跌背后的最大因素之一是代币泛滥成灾。这些早期的收养者多年来通过移动应用程序开采PI，终于能够兑现，许多人正在这样做。

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.

由于目前可用于代币的有限的公用事业或现实世界中的用例，市场根本无法吸收巨大的售罄压力。结果？价格迅速下降，因为供应压倒性需求。

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.

对于加密市场的常规追随者来说，这一发展并不奇怪。通常，当新项目以大量令牌供应启动时，它会导致卖方压力和落后的价格绩效，这是Altcoin空间中常见的情况。

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硬币的情况正在扩大规模上展开。考虑到该项目拥有超过7,000万用户，因此如此庞大的用户群从事汇总的抛售的影响是深远的。

Mainnet Migration Issues Fuel Frustration Among Investors

主网迁移引起投资者的挫败感

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.

另一个主要问题是PI网络的主网迁移的持续延迟。尽管该项目将其KYC（了解您的客户）验证截止日期延长到2024年12月31日，但许多用户仍在努力解决技术问题，以阻止他们迁移令牌。

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.

这种不确定性在社区中许多人的口中留下了酸味。投资者和早期的先驱者曾经充满希望，现在在等待网络完全启动并提供超出投机交易的实际公用事业时，他们一直在不耐烦。

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

对于那些在整个旅程中都耐心地支持PI网络的人来说，这方面缺乏进展是令人沮丧的。

Bearish Technicals: More Downside Ahead?

看跌技术：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.

从技术的角度来看，Pi硬币的情况并没有更好。代币打破了至关重要的支撑水平1.50美元，触发了经典的看跌头和肩膀图案，这种信号常常预示着进一步下降。

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.

相对强度指数（RSI）和MACD（移动平均收敛差异）指标都在闪烁警告信号，表明令牌的下降势头可能会在短期内继续进行。

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.

如果令牌下一个心理支持低于1美元，它可以打开大门，以更深入地更正0.46美元，这与127.2％的斐波那契扩展相吻合。但是，如果买家设法捍卫1美元的支持，并且如果有交易量恢复的迹象，则可能表明潜在的逆转。

Is There Still Hope for a Rebound?

仍然希望反弹吗？

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.

尽管目前的下降趋势，但仍有一线希望。在过去的几年中，我们已经看到，在3月14日，PI Day，社区倾向于庆祝该项目的进步，这引发了Pi Coin的价格集会。

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

今年的类似反应可以帮助令牌找到一些基础，至少在关键水平上进行交易。

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.

一些分析师建议，如果Pi Coin设法收回并持有高于1.50美元的成绩，则更新的购买压力可能会将其推向2.00美元的电阻。但是，这种反弹在很大程度上取决于解决持续的移民问题，并在社区内重建信任以维持集会。

Final Thoughts

最后的想法

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.

在这一点上，Pi硬币站在一个关键的十字路口。最近的价格下跌强调了对该项目的长期生存能力以及其团队兑现承诺的能力的越来越多的担忧。

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.

如果没有功能齐全的主网和清晰的用例，PI会完全失去动力，尤其是在强烈的集会后，更广泛的加密货币市场表现出疲劳的迹象。

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

也就是说，众所周知，加密货币市场是不可预测的，像Pi Coin这样的社区驱动的代币通常会在最不期望的时候对意外的集会感到惊讶。

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网络团队可以解决迁移问题并将新的生命注入该项目，那么仍有恢复工作的机会。但是，如果销售压力持续存在，而用于购买活动的新驱动因素仍然难以捉摸，那么我们可以在未来几个月内看到PI硬币的更深入的更正。