Social media buzz is rising fast for PI Network and is significantly getting attention again in the community, but given the pessimistic situation it is in. The polarity of discussions is negatively dominated, signifying strong bearish opinions being expressed.
This is due to Pi Network’s price took a massive hit today, crashing 36% to reach an all-time low of $0.40.
This happened because of a combination of factors, the crypto sector turned red in the past three days, with Donald Trump’s unilateral tariffs threat, Israel’s latest strike on Iran – heightening israel – iran conflict, and delays in the Pi mapping migration in Chinese-speaking regions, which could have contributed to the sharp drop.
In addition to macro tensions and technical weaknesses, concerns about tokenomics are also growing. The daily unlocks of the PI token can influence its price.
According to PiScan, over 340 million PI tokens will be released next month. Notably, June 18, June 26, July 5, and July 7 will see the largest unlocks.
These developments may increase selling pressure. Some investors, who have waited years for their tokens, might choose to take profits.
If we go back to last month, we remember that the Pi Network Core Team hinted at a major announcement in early May. This led to a rapid price surge, pushing 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 the decline, the overall market sentiment for Pi Network has been notably negative the past 30 days.
The weighted sentiment indicates a drop in confidence among Pi holders, contributing to the ongoing downtrend.
This 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.
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. This may lead 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.
A 36% drop from market panic, global conflicts, and sell pressure from upcoming token unlocks triggered the low.
Recovery is possible if support holds and price breaks $0.73; next target would be $1.05 based on Fibonacci levels.
Some investors view the drop as a discount buy, but risks remain due to bearish sentiment and large token unlocks.
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