The recent drop in Pi token prices and migration issues have raised concerns among community members. Analysis indicates that current market conditions may lead to further price declines.
Pi Network Migration Problems
Pi Network's mainnet migration has become problematic for many users. Several users are reporting KYC verification failures, even after multiple attempts. Others are encountering two-factor authentication (2FA) errors, preventing access to wallets and transfers. Most concerning is that many users claim their balances have disappeared post-migration despite following all necessary steps.
Pi Token Sell-Off
According to PiScan, over the past 24 hours, 7.9 million PI tokens were moved from the Pi Foundation 2 wallet linked to the Core Team. Three wallets that received over 2 million PI each from the Pi Foundation 4 have transferred a combined total of 4.5 million PI. These massive token movements by the Core Team may suggest a potential sell-off or internal reallocation.
Pi Token Price Forecast
The technical outlook is flashing negative signals: PI is trading below the key support level of $0.5524. Immediate psychological support sits at $0.50. Experts state that PI must reclaim $0.60 to avoid a steep decline. Over the past 24 hours, PI's price has slipped by 0.6%, indicating no immediate bounce.
The Pi Network is under significant pressure. Given the combination of technical weakness, blockchain movements, and rising sell pressure, a dip below $0.50 appears highly probable.
