- Pi Network (PI) has crashed a whopping 19% in the past 24 hours, dropping to 17th position.
- A massive 129 million PI tokens, worth $140.61 million, will hit the market.
- Despite Binance’s community voting in favor of a PI listing, the CEX hasn’t made an announcement.
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. 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.
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.
Binance Listing Hopes Fading?
Adding to the uncertainty is the continued silence around a potential listing on Binance.
A significant majority of the Binance community (86%) voted in favor of listing Pi, so the lack of any announcement from the exchange is likely disappointing many enthusiasts and fueling speculation about the project’s future.
Related: Pi Network Issues Final KYC Deadline: Mainnet Migration Set for March 14
Pi Network (PI) Price Analysis
Analyzing the 4-hour chart below reveals that the Relative Strength Index (RSI) is hovering just above the oversold mark, suggesting strong selling pressure. However, this level can sometimes indicate that a potential price reversal might be on the horizon if buyers decide to step in.
Interestingly, the price has also broken below the lower Bollinger Band (around $1.12). While this often points to continued bearish momentum, past occurrences have occasionally been followed by short-term price bounces.
For investors watching closely, if Pi Coin breaks below the $1.05 mark, 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.
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