Pi Network Price Drops 60% Since May, Technical Indicators Suggest Reversal

The Pi Network has garnered significant attention in the crypto market, which is currently experiencing uncertainty. Following a dramatic rally and subsequent decline, the project is now drawing interest due to a rare technical configuration known as a descending wedge, which is often seen as a sign of a potential reversal. This technical signal, combined with heightened community activity, has placed the PI token at the center of speculation about a possible rebound.

The price of the Pi Network has plummeted by more than 60% since May, reaching $0.5370 on June 21. This drop comes after the token hit a peak of $1.6675 during a period of high speculation around the ecosystem, just before the Consensus event. The bullish phase was driven by anticipation of major announcements related to the ecosystem. However, the excitement quickly waned with the launch of the Pi Network Ventures fund, which was endowed with $100 million but had a disappointing immediate impact on the price.

Despite the drop in trading volume to $74 million over 24 hours on June 21, compared to a peak of $3 billion in February, technical indicators suggest a possible reversal. The MACD continues its decline, signaling low volatility, which is often interpreted as an accumulation phase. The Donchian bands are tightening, another indicator of a compressed market that is conducive to a sharp breakout. A figure in “bearish compression configuration signaling a reversal” is clearly visible on the eight-hour chart, a pattern recognized as a classic bullish signal in technical analysis. If the scenario is confirmed, a rebound could bring the price back to $1, nearly 85% higher than the current level. However, if Pi falls below $0.3940, the lowest point in June, the bullish scenario would be invalidated.

These on-chain indicators suggest that the asset is in a consolidation phase, potentially ready to rebound, but still dependent on the reaction of its market and community. Beyond the chart reading, several fundamental short-term events could give new momentum to Pi Network. One of the main catalysts is Pi Day 2, scheduled for June 28, a symbolic date also known as Tau Day. That day also coincides with the closing of auctions for .pi domains, an operation experiencing unexpected success. More than 3 million bids have been recorded, including 123,000 active ones, a sign of tangible interest within the community. These figures reflect enthusiasm for the symbolism around crypto, but also a desire to anchor in a digital ecosystem in full structuring.

Developers have highlighted several ongoing projects within the network. Among them, the FruityPi app, a match-three type game, demonstrates the first concrete uses of the infrastructure. Furthermore, the announced Pi Network Ventures fund aims to finance startups operating in this ecosystem, although detailed information about beneficiaries or eligibility criteria has not yet been published. A macroeconomic context could also favor a general awakening of the crypto market. The Federal Reserve could “consider a rate cut as early as July,” an announcement seen as a positive signal for risk assets, which Pi Network could indirectly benefit from.

It remains to be seen if these elements will be enough to transform speculative momentum into structural dynamics. The combination of favorable technical analysis and event catalysts can indeed constitute fertile ground for a rebound. However, the still limited accessibility of the token continues to hinder institutional recognition. If the curve can start again, the medium-term challenge remains the ecosystem’s credibility and its ability to fulfill its promises.