Pi Network (PI) is caught in a relentless downward spiral, with the bearish trend showing no signs of slowing down. Just on February 26, PI boasted a market cap of $19.2 billion and a price hovering around $3. Fast forward to today, and that figure has been slashed by more than half, now sitting at $8 billion, with the token struggling at $1.18.
In the last 24 hours alone, PI has lost over 16%, and with its momentum heading south, a further decline toward the critical $1 mark seems like a real possibility. What can traders expect in the coming days?
Relentless Selling Pressure Dominates the Market
The pressure to sell is only intensifying. While the decline has been gradual, there’s not a single sign of a rebound. Sellers are in complete control, keeping PI under relentless pressure.
A key technical indicator, the Chaikin Money Flow (CMF), is currently at -0.14, signaling that more capital is flowing out of PI than entering it. This further confirms that selling is far outweighing buying interest.
Shift into negative territory highlights the growing concerns among investors. If PI doesn’t see a surge in buying pressure soon, the likelihood of further declines remains high.
What’s Behind the Selling Frenzy?
Much of the negative sentiment surrounding Pi Network stems from confusion and criticism over its .pi domains, a concept that closely mirrors Ethereum’s ENS service. The lack of clear communication has left investors uneasy, shaking confidence in the project.
To make matters worse, this uncertainty coincided with a wave of sell-offs after the KYC deadline on March 14, intensifying downward pressure on the token. Many holders appear to have cashed out, further driving PI’s price lower.
Can PI Hold the Critical $1 Level?
At this point, PI hasn’t found stable ground, and the downtrend remains intact. The token recently broke below key support at $1.25 and now hovers around $1.18, with buyers hesitant to step in.
If buying pressure fails to increase, the next critical level to watch is $1—a psychological support zone that could determine whether panic selling accelerates.
On the flip side, if PI manages to stage a recovery, its first major resistance level sits at $1.60. However, at this moment, keeping PI above the $1 mark is the top priority for bulls.
Will Pi Network find a bottom, or is it heading straight for a full-blown crash? The next few days will be crucial.
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