Pi Network is under significant price pressure, having fallen below $1. Key causes include excessive supply, slow exchange listing dynamics, and platform centralization.
Supply Pressure and Token Unlocks
According to Pi Scan, nearly 99.3 million Pi tokens, worth $91 million, are scheduled to be unlocked over the next 30 days. This creates significant supply pressure. The largest single-day unlock will take place on April 3, with 6.8 million tokens entering circulation. With 115.57 million tokens to be unlocked in April, 182 million in May, and 222 million in June, more sell pressure may result.
Listing Uncertainty and Centralization
Uncertainty regarding exchange listings negatively impacts investor sentiment. Many hoped for a Binance listing, but no confirmation has been given. In addition, concerns about centralization are increasing: unlike many blockchains where nodes operate independently, the Pi team controls key SuperNodes. Although the number of these nodes has expanded to 42, the platform has not clarified how these nodes were chosen.
Technical Analysis and Price Outlook
Technically, PI is trading at $0.9253 with a weak trend. Support is at $0.70, and $1.00 serves as immediate resistance. With the current relative strength index at 43.27 indicating a bearish trend, major moving averages also signal selling pressure. If PI falls below $0.85, this may drop the price to $0.70. However, a break above $1.00 could shift the momentum, but for now, PI remains weak.
Despite the crypto market recovery, Pi Network continues to face challenges due to oversupply and listing uncertainties. Technical analysis shows a weak market position, and only significant changes might stabilize the price.
