January 20 News, as several core indicators continue to weaken, the price of Pi Network (Pi Coin) is facing a new round of downside testing. Data shows that Pi Coin has fallen below the key support level of $0.20, ending the previous five-week sideways consolidation range (0.20–0.22 USD). As of now, the price of Pi Coin is approximately $0.19, down more than 93% from its all-time high in February last year, with limited space remaining to the all-time low set in October last year.
From on-chain and market data, the fundamental pressure on Pi Network is accumulating. The daily trading volume of Pi Coin has dropped to about $18.5 million, significantly shrinking compared to the early stages of the project, reflecting a continuous decline in market participation and new demand. Meanwhile, the token supply is constantly expanding, with over 4.6 million Pi Coins still entering the market daily. According to PiScan statistics, approximately 55.8 million tokens are still awaiting unlock by the end of this month, and over 1 billion new tokens are expected to enter circulation within the next 12 months.
In the context of no significant demand recovery, such a dense unlocking schedule may further amplify inflationary pressures. More notably, the number of whale addresses holding over 10 million Pi Coins has been decreasing since the beginning of the year, indicating that some long-term funds are gradually exiting. This change often weakens market confidence and exacerbates retail investors’ wait-and-see and panic sentiments.
From a technical perspective, Pi Coin’s trend is also bearish. The daily chart shows that the price has broken below the ascending wedge and formed a double top pattern, with MACD and RSI both signaling bearish momentum. In the absence of obvious support levels, if selling pressure continues, Pi Coin may test the lows of October last year again, or even refresh its all-time low.
Until there are substantial progress at the project level, the short-term price of Pi Network will remain highly dependent on market sentiment and supply-demand changes. Investors with low risk appetite should remain cautious.
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