The Pi Network token (PI) continues to struggle, while expectations for its price growth fade. Analysts are putting forth several reasons why the current bull trend may be ending.
Price Decline of Pi
Despite the overall rise in the cryptocurrency market, the PI token has failed to follow this trend. It is currently trading around $0.45 and has experienced a significant drop since it reached a record $3 in late February. Some analysts suggest that the bull run may be nearing its end due to an increasing number of token unlocks.
Increase in Token Flow to Exchanges
The number of PI tokens on cryptocurrency exchanges continues to rise. In the last 24 hours, almost 500,000 new tokens have been recorded, bringing the total to over 385 million. The shift from self-custody methods to centralized platforms is seen as a bearish signal as it increases selling pressure.
Varied Opinions on Market Future
One user on platform X noted that a rise to $10 in the current bull cycle is unrealistic. Factors cited include lack of liquidity, increased unlocks, low demand, and insufficient buying pressure. Nevertheless, there are also optimistic views regarding a potential recovery following the downturn.
The current situation with the Pi token raises many questions about its future. Analysis of market changes indicates potential challenges ahead for the token, but still leaves room for optimistic projections.
