Pi Coin, the native cryptocurrency of Pi Network, is experiencing strong selling pressure after failing to hold the crucial $1 resistance level. The token has dropped 5% in the last 24 hours, currently trading at $0.923, with daily trading volumes plummeting 30.56% to below $200 million. The sharp decline is attributed to a significant increase in Pi Coin deposits on centralized exchanges (CEXs), intensifying the sell-off.
Pi Network Crypto Supply on Exchanges Spikes
Over the past week, Pi Coin has corrected 22% after multiple unsuccessful attempts to break above the $1.20 resistance. This persistent downtrend has resulted in Pi Network slipping from the 11th to the 23rd position in the cryptocurrency market rankings, losing over $13 billion in market capitalization in the past month.
Pi Coin Struggles to Maintain $1 Level
The influx of PI tokens to CEXs has heightened selling pressure, with nearly 8 million Pi Coins entering exchanges recently. Market analysts warn that without intervention, further depreciation is likely. Some suggest that the PiCore Team (PCT) should implement a burn mechanism to remove 60 to 100 million coins from circulation, potentially stabilizing the token’s value.
Currently, the total supply of Pi Coin held on CEXs has surged past 338 million, raising concerns over continued sell-offs and heightened volatility.
Is Pi Coin Poised for a Reversal?
Despite the bearish sentiment, technical indicators suggest a potential trend reversal. A TradingView chart from Coinvo identifies a “Triple ZigZag” formation in the PI/USDT pair on Bitget, a pattern that often precedes market recoveries. This analysis is reinforced by Elliott Wave projections, hinting at upward momentum in the near term.
Additionally, analyst TraderFy has forecasted a major breakout for Pi Coin. According to his analysis, a massive falling wedge pattern is forming, setting price targets at $2.00529 and $2.38466.
It looks like $PI is ready to explode… pic.twitter.com/pndCDyKxCU
— Coinvo (@ByCoinvo) March 24, 2025
With Pi Coin teetering around $0.9512, investors are closely monitoring market signals for a potential rebound. However, if selling pressure continues unchecked, further declines remain a possibility. Market participants now await decisive action from the PiCore Team to restore confidence in Pi Network’s native cryptocurrency.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Pi Coin Plunges 5% After Token Unlock – Is a Breakout to $2 Still Possible?
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