Pi Network fell to around $0.1450 on January 31, with the token touching $0.140 at one point, below its previous record low of $0.1545. Based on the source figures, PI is now down more than 93% from its all-time high of $2.98, reached shortly after the mainnet launch in February last year. The selloff has been deep, and the latest move pushed the token into fresh lows.
The decline came as the broader crypto market weakened. Bitcoin and other altcoins were in the red, while the total market capitalization of all tokens fell by more than 6% over the past 24 hours. The source also linked the drop to rising geopolitical concerns after Donald Trump warned Iranian officials to agree to talks or face the risk of an attack. Prediction markets such as Polymarket were cited as showing rising odds for such an event.
Volume jump points to heavier exits
Market-wide weakness was only part of the story. Selling pressure in PI also intensified. Data compiled by CoinMarketCap showed trading volume rising to $28 million on Monday, up from $7 million a day earlier. A sharp increase like that often signals more aggressive selling, with holders choosing to exit positions rather than wait for a rebound.
Supply growth added another layer of pressure. According to the source, Pi is set to unlock more than 133 million tokens in February and about 1.3 billion tokens over the next 12 months. More tokens entering circulation can weigh on price over time. The report added that investors reacted only mildly to the latest KYC verification update, even though the new approach is expected to help more pioneers migrate to the mainnet.
Chart patterns remain bearish
On the daily chart, the token had formed a rising wedge before the latest breakdown. That pattern, built by two upward-sloping but converging trendlines, is commonly treated as a bearish reversal signal. The source also pointed to a double-top formation near $0.2816, which marked the token’s highs in October and November last year.
PI was also trading well below its 50-day and 100-day exponential moving averages. With no clear bullish catalyst identified in the report, the technical picture still looks weak. If the token moves below the all-time low level of $0.1523 referenced in the source, the next downside area mentioned in the analysis is $0.10.