Pi Network’s Price Plummets to Historic Low: Can PI Stage a Comeback?

Pi Network hits rock bottom as its token crashes to unprecedented levels.

What's Next for the Struggling Project?

The mobile-mined cryptocurrency faces its toughest test yet. PI's downward spiral accelerates, leaving investors questioning the project's fundamental value proposition. Trading volumes evaporate while the development team remains conspicuously silent about their roadmap.

Technical indicators flash red across the board. Resistance levels crumble like stale breadcrumbs at a hedge fund picnic. The token's performance makes traditional banking stocks look like growth assets by comparison.

Community sentiment turns increasingly skeptical. Early adopters who mined PI for years watch their paper gains disappear faster than a VC's promises during a bear market. The network's much-hyped mainnet transition fails to materialize concrete utility or demand.

Can this project defy gravity—or will it join the crypto graveyard? The clock ticks louder with each passing week of development delays and market indifference. PI either needs a miracle or needs to accept that sometimes, even free money costs too much.

PI Bleeds out Heavily

The cryptocurrency market experienced a sudden and painful correction today (September 22), with Pi Network’s PI being among the biggest losers. Its price tumbled by 18% on a 24-hour scale, briefly dumping to a new all-time low of around $0.25 before slightly rebounding to the current $0.29 (per CoinGecko’s data). 

Its market cap plunged below $2.5 billion, thus making the asset the 62nd-largest in the entire sector. Recall that earlier this year, when PI’s price hit an all-time high of $3, the capitalization skyrocketed above $13 billion, positioning the asset in crypto’s top 20 club. 

Over the past few weeks, Pi Network’s team implemented some vital upgrades that aim to strengthen the ecosystem. Most recently, the X account Pi News revealed that the testnet has been upgraded to protocol v23, which enables more control and new functionalities for users.

Announcements of that type, though, have not been beneficial for PI’s price. At the same time, factors like the increased amount of tokens stored on crypto exchanges suggest the pullback might intensify in the short term. Data shows that the figure reached a new record of over 446 million, with almost half of that stored on Gate.io.

The constant transfer of coins to centralized platforms does not guarantee a mass exit, but it is often interpreted as the step before a sale. 

The total unlocks scheduled for the next month also support the bearish scenario. More than 137 million PI are scheduled for release within that period, with October 1 being the record day (13.1 million). The unlocks, albeit not as aggressive as earlier this year, increase the selling pressure.

The Light at the End of the Tunnel

Contrary to the elements above, which hint at more troubles ahead for the bulls, PI’s Relative Strength Index (RSI) suggests the worst might be over. 

The technical analysis tool measures the speed and magnitude of recent price changes to help traders identify potential reversal moments. It ranges from 0 to 100, with values below 30 indicating the asset may be oversold and poised for a rebound. As of this writing, the RSI stands at around 29.

Meanwhile, some Pi Network community members believe the recent price decline could represent an excellent buying opportunity. Such is the example of the X user Woody Lightyear, who said:

“I watched it live. I was waiting for it. The long red wick candle was a beautiful opportunity. Please liquidate the shorts, too. I am buying PI.”