Pi Network Price Plummets 36% to All-Time Low of $0.40

Pi Network's price experienced a significant decline, plummeting by 36% to reach an all-time low of $0.40. This sharp drop was influenced by a combination of factors, including the broader crypto sector turning red over the past three days due to macro tensions such as Donald Trump's unilateral tariffs threat and Israel’s latest strike on Iran, which heightened the Israel-Iran conflict. Additionally, delays in the Pi mapping migration in Chinese-speaking regions contributed to the price crash.

Beyond macro tensions and technical weaknesses, concerns about tokenomics are also growing. The daily unlocks of the PI token, which can influence its price, are a significant factor. According to PiScan, over 340 million PI tokens will be released next month, with the largest unlocks scheduled for June 18, June 26, July 5, and July 7. These developments may increase selling pressure as some investors, who have waited years for their tokens, might choose to take profits.

Looking back to last month, the Pi Network Core Team hinted at a major announcement in early May, which led to a rapid price surge, pushing the PI price from $0.6 to nearly $1.7 in just days. However, the asset quickly lost momentum, dropping back to just over $0.6 even before the announcement was made. This decline followed the launch of a new initiative focused on investing in Pi Network-native projects. Since then, the overall market sentiment for Pi Network has been notably negative over the past 30 days, with the weighted sentiment indicating a drop in confidence among Pi holders, contributing to the ongoing downtrend.

As of now, the Pi Network price is at $0.56, reflecting a 13% drop today. While this decline is significant, the intra-day low of $0.39 raises the most concern. This drop marks a 36% fall, reaching the lowest point in the altcoin’s history. The $0.39 all-time low was recorded in April. Although there has been some recovery, this sharp decline has caused panic among investors. However, if investors choose to take advantage of the situation, it could be an opportunity to buy Pi at a discount, potentially leading to a price rebound.

According to the Fibonacci tool, the PI price is near the "0.0%" level. If it rebounds, the next target could be the "23.6%" level at $1.052, but it must first break the $0.73 level in the short term. The current situation for Pi Network is challenging, with strong bearish opinions dominating social media discussions. The polarity of these discussions is negatively dominated, signifying strong bearish opinions being expressed. The lack of investor optimism may significantly impact Pi Network’s price as it is already too low and is in serious need of nearby support, which, for now, it is facing difficulty finding.