- Pi Network tumbles 95% from its peak, with a tightening grip ahead of a $37M October token unlock.
- Sentiment stays deeply negative as traders brace for more pain amid weak demand and rising sell pressure.
- PI holds above $0.25 for now, but a break below $0.2573 could trigger a sharp plunge toward its all-time low.
Pi Network (PI) is showing signs of life with a 4.49% daily gain, trading at $0.2745. But with a $37M token unlock looming in October, bulls face a tough battle amid a steep 95% drop from all-time highs.
PI Faces Harsh Selloff Amid Steep Downtrend
Since early June, Pi Network’s native token PI has been caught in a relentless bearish spiral. The token, once trading much higher, has dropped sharply, recently hitting a record low near $0.186 — down 95% from its all-time high.
Price charts highlight a descending triangle breakdown on the 8-hour timeframe. The token’s repeated failure to reclaim the descending resistance line and its decisive fall below the $0.30 support has confirmed a bearish continuation. Panic selling kicked in mid-September, with volume surging as PI slipped below key support zones.
Currently, major support is seen at $0.1856. The 50 EMA, now at $0.2666, has become a dynamic resistance level, capping any recovery attempts. Technicals point to continued bearish pressure unless bulls manage to reclaim the $0.30 mark.
October Token Unlock Sparks New Supply Shock
Adding to the already bleak outlook is the imminent unlock of 138.21 million PI tokens, valued at approximately $37 million, scheduled for October. This fresh supply influx comes at a time when demand is weakening and sentiment remains deeply negative.
According to Santiment, PI’s weighted sentiment has remained below zero since September 24, now sitting at -0.63. This sustained negativity reflects declining confidence among investors and increasing bearish chatter across crypto social platforms.
With the market already under pressure, the additional supply could further tip the balance. The Super Trend Indicator from TradingView shows PI trading well below the dynamic resistance line at $0.3279, signaling a bearish trend remains firmly in play.
Bears Eye $0.18 While Bulls Watch $0.30
As it stands,PI risks a further drop below $0.2573 level and opens the path toward testing its all-time low at $0.1842.
Despite mounting pressure, some analysts believe a short-term bounce could be on the horizon for PI. If buyers absorb the unlocked supply, the token might retest $0.2917, and potentially push toward $0.3987. Still, reclaiming the $0.30 level is key.
