Pi Coin Dives 44% in Two Months Amid Token Unlocks and Migration Bottlenecks

Pi Coin has fallen to an all-time low of $0.34 as token unlocks continue to fuel a sharp sell-off in the market [1]. The price decline marks a 44% drop over the past two months, eroding most of the gains since its initial launch and underperforming the broader altcoin market, which has partially recovered from recent losses [1]. The recent breakdown below the $0.38 support level has alarmed technical analysts, some of whom warn that the price could slide further toward $0.21 if buyer momentum fails to return [1].

The Relative Strength Index (RSI) for Pi has plummeted to 12.15 — the lowest level since March — signaling that the token is deeply oversold [1]. While a rebound above $0.38 could trigger short-covering and potentially push the price toward $0.45, sellers currently dominate the market [1]. The token’s aggressive unlocking schedule is a major contributor to the downward pressure, with 160 million PI tokens released in August alone [1]. These fresh supplies have overwhelmed buyer demand, intensifying the bearish trend.

The migration process from Pi’s closed network to the open mainnet has also created bottlenecks, leaving many users unable to fully participate in the ecosystem [1]. Although more than 12 million users have transitioned to the mainnet, unresolved KYC and migration issues have hindered adoption of key initiatives, including the August 2 voluntary lockup program, which offers mining rewards of up to 200% [1]. These delays have contributed to growing frustration within the Pi community.

On the development front, July saw several technical upgrades, including the integration of Pi Wallet with Onramper for fiat purchases, a desktop node update to v0.5.3, and the introduction of no-code dApp creation tools [1]. However, these improvements have not yet translated into significant market support, as ongoing selling pressure and uncertainty about the open mainnet timeline continue to cloud sentiment [1].

Market activity has been mixed, with bearish trends dominating despite occasional bullish signals. On August 2, a single whale withdrew $148 million worth of Pi from exchanges including OKX, Gate.io, and MEXC, raising speculation about strategic accumulation [1]. Still, broader sentiment remains cautious, with the Altcoin Season Index at 39, far below the level typically associated with a widespread altcoin rally [1]. Centralized exchange balances for Pi are also rising, suggesting that more sell pressure could materialize.

The future of Pi Coin will largely depend on the speed of user migration and the development of high-utility applications that can generate real demand beyond speculative trading [1]. Until then, the token remains vulnerable to its inflationary supply curve and the patience of its community [1]. Analysts remain divided on the short-term outlook, with some cautiously optimistic about a potential recovery above $0.40, though such forecasts should be treated as speculative and not as guaranteed outcomes [1].

Sources:

[1] Top cryptocurrencies to watch this week: Pi, Cardano, Flare (https://crypto.news/top-cryptocurrencies-watch-this-week-pi-cardano-flare/)

[8] Flare(FLR) Price Prediction (https://www.bitget.com/price/flare/price-prediction)