Pi Network’s PI Token Tests Critical Support at $0.40 as Traders Eye Potential Rebound Ahead of Pi2Day

Pi Network's token has declined 3% this week to $0.54, testing a crucial support zone NEAR $0.40. This drop follows migration issues ahead of the June 28 upgrade, prompting sell-offs among impatient pioneers. Just last month, PI was trading comfortably above $1.

Technical analysis suggests increasing volatility. A symmetrical triangle pattern between $0.54 and $0.74 indicates an impending breakout—a sustained MOVE above $0.74 could push PI back toward dollar parity. Market participants are closely monitoring the $0.40 level, which has historically served as a springboard for rebounds.

Attention now turns to Pi2Day celebrations on June 28. The event may generate momentum through protocol upgrades or partnership announcements. However, persistent oversupply from mining rewards continues to pressure prices, with limited real-world utility failing to absorb the excess tokens.