🚨🚨 Pi Network Challenges to Recovery
Selling Pressure:
With 65% of the 100 billion PI supply allocated to #Pioneers , many of whom mined for free since 2019, profit-taking could continue to depress prices. Early adopters cashing out overwhelmed initial demand, and this may persist without significant new buyers.
Speculative Nature:
#PiCoreTeam muteness on PI coin value has led to many speculations, others support the #GCVisTheRealPrice , other support the Exchanges prices, and the mainnet’s full impact remains unclear. Analysts argue PI offers little utility beyond mining, questioning its fundamental value. Also #Binance listing silence, Bybit scam claims reduce the hype.
Market Timing:
Launching in Q1 2025 might be ill-timed, as historical crypto trends show weaker performance in early-year months. A broader market downturn could drag PI down further. #BybitHack made the market more fragile.
Technical Weakness:
PI dropping below key supports ($2.5, $1.61) and moving averages, signaling bearish momentum. Next support is around $1.5 or lower, suggesting more downside risk before a sustained bounce.