Pi Network (PI) Drops to Key Support Level – Bounce Back or Further Decline?

In the cryptocurrency market, Pi Network (PI) has been facing a continued decline since its 2025 Pi Day event. Despite the launch of new .pi domain utility features, it has failed to maintain momentum.

The widely speculated overhyped Binance listing did not materialize, leading to disappointment among Pi pioneers and resulting in a recent sell-off.

In the past seven days, the value of PI has shrunk by nearly half, with a decline of 47%. Just today, the token experienced a double-digit drop of 24%, primarily due to the token unlock creating significant selling pressure in the market.

The ongoing drop in PI's price may be related to a large number of token unlocks. According to PiScan, today (March 21), 19.9 million PI tokens will be issued, valued at 17.88 million dollars.

Additionally, in the next two days, tokens worth approximately 23 million dollars will be unlocked, generating a wave of selling pressure before transitioning to smaller, more stable unlock periods.

As newly unlocked tokens enter the market, this influx of supply could increase downward pressure on prices.

Dropped to Key Support Level

On the 4-hour chart, PI is forming a descending wedge pattern, which is a typical bullish reversal setup. Since peaking at 3.00 dollars on February 26, the token has been in a continuous downtrend, with a value drop of over 70%.

Today, PI has dropped to the lower support level of the wedge at 0.88 dollars, which is a key trend line that previously acted as strong support.

If this pattern persists and PI successfully bounces from this support level, it may attempt to move toward the upper resistance level of the wedge and reclaim the 20-day moving average (MA). A breakout from the wedge could lead to a rebound to the next key resistance level of 1.21 dollars.

However, if PI fails to hold this support level, another wave of selling pressure could push its price down to the bottom support level of 0.70 dollars, leading to a deeper correction. The coming days are crucial for whether PI can recover from this decline or continue to fall.

This article is for reference only and does not constitute investment advice. Practical reference from WeChat public account Crypto Tai Ge #PresidentialDebate #ETH