- On April 13, the Pi coin price plunged by around 2% on a daily chart, declining its value to $0.1649 with a low daily trading volume.
- The drop in the cryptocurrency was triggered by daily token unlocking events and heavy selling pressure on exchanges.
- While the overall crypto market is showing resilience and mild bullish momentum, the drop in PI Network sparked fear in the community.
On Monday, the Pi coin price started to lose its last week’s gain after dipping around 2.7% on a daily chart.
The crypto market witnessed a rollercoaster ride on Monday, where the Bitcoin (BTC) price faced a sharp correction and plunged below $71,000 on a daily chart. However, Bitcoin (BTC) quickly rebounded and managed to soar near $72,000 with a 1.63% spike on the chart.
This recovery phase has also witnessed other altcoins, including Ether (ETH). However, Pi is exceptional in this recovery phase. At the time of writing this, Pi’s price is hovering around $0.1651 with a 2.2% drop in the last 24 hours, according to CoinMarketCap.
Token Unlocks Create Steady Selling Pressure on Pi Coin
There are various factors behind the drop in the Pi coin price.
One of the main reasons behind the drop in the cryptocurrency’s price is new token unlocks. On April 13 alone, around 10 million tokens were released on the network, which is worth around $1.65 million at the current prices. These token unlocking events will also continue. On April 14, another 20 million tokens are expected to be unlocked.
In this entire month, Pi network will unlock around 178 million tokens this month. These continuous unlocks are adding more tokens to the market. Many early users who mined the cryptocurrency for years can now sell it. When large numbers of people sell at the same time, it creates selling pressure and causes a drop in the token’s price.
Apart from this, the network’s second migration event is active today, which is expected to move 30 million more tokens to the mainnet. This increases supply and boosts selling pressure on traders.
Exchange reserves are also rising, which generally shows that more coins could be sold soon. Centralized exchanges recorded approximately 2 million tokens in deposits over the last 24 hours. This suggests a sell-off amid major risk-off sentiment in the cryptocurrency market.
While there are no major bullish factors expected to take place on the network in the upcoming time, the cryptocurrency might face more downward pressure because of token unlocking events.
Pi network price is also following its steady downward trend as the crypto market is stuck in a major consolidation zone. The token is currently trading below $0.1700, which is slowly losing ground during a consolidation phase.
The current price of the cryptocurrency is far below its all-time high of around $3 reached in early 2025. It has dropped around 94% since then.
Will Pi Network Price Break Below $0.165?
According to TradingView, the 14-day Relative Strength Index (RSI) is around 31. This is just above the traditional oversold zone. It means that buying pressure is getting weaker.
The MACD indicator is suggesting that the lines are getting close to a possible upward crossover. However, the bars are shrinking. This clearly shows that there is not enough buying strength to help it regain upward momentum.
There is major support around $0.165. If it breaks below this support, the next stop could be $0.156 or, in the worst-case scenario, it will drop toward $0.131, where the price found a major support earlier this year.
On the other hand, there is a strong resistance level at around $0.170. If the cryptocurrency manages to soar above this level with higher trading volume, it might create a small rebound.
Also Read: Ethereum Price Drops as Market Weakness Outweighs ETF Inflows
