Pi Network (PI) token has suffered a harsh reversal, dropping from last week's high of $0.2050 to a current $0.1580 — its lowest since February 14. The decline represents a 23% loss from this month's peak and a staggering 90% from the all-time high. Market capitalization has crumbled from over $19 billion to roughly $1.4 billion.
Broader Crypto Rout and Profit-Booking
The sell-off mirrors a wider market collapse. Bitcoin briefly broke below $65,000, while altcoins like LayerZero, Hyperliquid, Mantle, and Lighter lost nearly 10% in 24 hours. Against this backdrop, Pi Network had surged 60% between its monthly lows and highs on hopes of a Kraken listing and the upcoming mainnet anniversary. Traders who rode that wave are now cashing out, accelerating the downturn.
First Anniversary Video Dodges Hard Questions
The team released a video addressing priorities like utility growth and a forthcoming "KYC-as-a-Service" to compete with World and Humanity Protocol. Yet it notably sidestepped the most pressing issues: tokenomics (ongoing unlocks with no burn mechanism), lack of decentralization (all decisions centralized within the team while an opaque Pi Foundation holds billions of tokens), and a clear exchange listing roadmap. Pi currently trades on only a few minor platforms.
Investors reacted immediately, driving the price lower as the video confirmed that core concerns remain unaddressed.
Technical Breakdown Points to $0.1290
On the daily chart, PI has slipped below the 50-day moving average, the Supertrend indicator, and the Ichimoku cloud. The most probable path is a drop to the year-to-date low of $0.1290. If that level holds, a double-bottom pattern could form with a neckline at $0.2050. However, a break below $0.1290 would invalidate the bullish setup and open the door to $0.100 or lower.