The price of Pi Network's native token, PI, has broken below a crucial multi-week support level of $0.20, opening the door to further declines and a potential fall to a new all-time low. The altcoin is currently trading around $0.19, representing a catastrophic 93.5% drop from its all-time high of $2.99 reached on February 26, 2025, and is now only about 13% above its record low of $0.17 from October.
Technical indicators paint a bleak picture. PI's daily chart shows a bearish breakdown from a rising wedge pattern and the formation of a double top, both historically precursors to sustained downside. Key momentum indicators, including the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), which recently hit a yearly low of 11.5, are also signaling strong bearish momentum. The loss of the $0.192 to $0.196 range has removed the token's last layer of technical defense.
Fundamental metrics are equally concerning. Daily trading volume has collapsed to approximately $18.5 million, indicating severely diminished demand. Meanwhile, the circulating supply continues to inflate, with over 4.6 million new PI tokens entering the market daily. Data from PiScan reveals that 55.8 million tokens are scheduled to unlock by the end of January 2026, with over a billion expected to be released over the next 12 months, creating significant sell-side pressure.
Compounding the issue is a decline in large holders. The number of PI "whales"—investors holding more than 10 million tokens—has been consistently dropping since the start of the year, which can trigger panic among smaller investors. The project team has also provided no major bullish news or developments in 2026 to counteract the negative sentiment.
Analysts suggest that without a significant shift in market dynamics or project developments, PI is vulnerable to testing its October low of $0.1534, with a new all-time low a distinct possibility. The article notes that longer-term recovery may depend on the organic growth of the Pi Network platform and potential new exchange listings, such as on Binance or Coinbase.
