In recent months, the popularity and price of Pi Network (PI) have surged suddenly. The asset once climbed to become one of the top 15 cryptocurrencies by market cap. On February 26, PI reached a historic high of $2.99. The price of the token has since fallen by 61.5%. The project has also dropped to 21st place in the highest market cap ranking.
Pi Network is experiencing losses alongside the market recovery.
The cryptocurrency market shows signs of recovery from last week's slump. Bitcoin (BTC) fell to a price level of $77,000 on March 11. Since then, BTC has recovered to a price point of $83,000. Other assets are also following BTC's recovery trajectory.
Although the market shows signs of recovery, Pi Network (PI) is facing significant price adjustments. The price of the token is declining across the board. PI has dropped 0.4% on the daily chart, 22.2% on the weekly chart, and 37.3% on the 14-day chart.
The pullback of PI may be due to investors taking profits after hitting a historic high last month. The token has limited real-world utility. Investors may not have much reason to hold on.
Cryptocurrency reaches historic high
Despite facing significant adjustments, Pi Network (PI) is expected to reach a historic high soon.
According to CoinCodex, PI could surge to $5.26 on April 25. If it reaches the $5.26 target, the price of PI will increase by 353.45%.
PI may not reach a historic high as expected. In the coming weeks, the asset could continue to decline. The market has not fully recovered, and macroeconomic factors present considerable challenges.
