The cryptocurrency market started to rally on Sunday, posting impressive gains over the past 24 hours. However, Pi Network and its token face a different situation.
Cryptocurrency Market Rise
The cryptocurrency market is showing a steady rise, with Bitcoin leading the way, reaching $87,000. Many altcoins, such as Avalanche, have also shown significant gains. For instance, Avalanche surged by 11% and is now over $21. Other coins like LINK, SOL, HBAR, and SUI followed this trend.
Challenges for Pi Network
Despite the general rise in the cryptocurrency market, the PI token is experiencing difficulties, having lost 6% in the past 24 hours. Additionally, the token has lost 30% of its value over the past week and almost 70% since its all-time high on February 26. A recently announced partnership was expected to enhance the protocol's transparency, but a significant number of PI tokens have been deposited to centralized exchanges, potentially indicating a bearish short-term outlook for the asset.
Market and PI Token: Outlook
Despite current challenges, the Pi Network team remains optimistic, believing that involvement in building the Pi ecosystem may lead to a new high in the token's price. However, the short-term outlook remains uncertain due to the increased selling pressure.
While the cryptocurrency market is overall growing, Pi Network and its token are facing serious challenges. Attention to long-term strategies and ecosystem development may play a key role for Pi moving forward.
