Pi Network Price Drops 80% Since February Launch

The Pi Network (PI) price has recently declined, despite the broader crypto market showing resilience. PI was last trading around $0.61, falling below its 21-day moving average and breaking out of a short-term pennant pattern. This suggests that in the short term, the price risks are tilted towards the downside, aligning with bearish token fundamentals. Since the launch of the Open Network in February and an initial price spike to $3.0 per token, the Pi Network price has slumped over 80% due to major token unlocks, which could continue to weigh on the price in the near future.

However, following its recent downturn, the time for a rebound might be approaching. One analyst believes the catalyst could be the upcoming Consensus Summit, scheduled for May 14–16, 2025. Dr. Altcoin, a widely followed analyst, expressed confidence that the price pumping of Pi might start during this event rather than at the end of August when Pi unlocking significantly reduces. Pi Network is a sponsor of the event, and its founder, Nicholas Kalallis, is one of the speakers. A major Pi Network price recovery could see PI reach its 50% Fibonacci retracement from the April lows under $0.40 to the record highs near $3.0, which is around $1.70. This could mean a rally of nearly 3x from current levels, making it a potential opportunity for investors with a high risk tolerance.

The Pi Network’s price is expected to perform well in the long run due to its growing user base and innovative mobile mining model, which fosters widespread adoption and sustained demand. A potential surge to new record highs next year could be driven by the project’s mainnet launch and increasing merchant acceptance, significantly boosting its utility and market confidence.