Pi Network (PI) remains trapped in a prolonged downturn, showing no signs of recovery as persistent selling and heavy unlock schedules weigh on market sentiment.
The token hovered near $0.26 at press time, extending a multi-day losing streak that has left investors uneasy about further downside.
Despite maintaining a market capitalization of roughly $2.1 billion and steady trading volumes around $22 million, Pi’s price action remains locked in a clear descending channel that has shaped its trajectory since April. The repeated rejections near the upper boundary of this structure have reinforced a bearish narrative, with the token now hovering close to its lower support zone.
Technical data points to a fragile setup. The Relative Strength Index (RSI) has slipped to the 30 range, suggesting oversold conditions that might normally invite short-term rebounds. Yet, similar past signals have failed to generate lasting momentum, hinting that traders remain cautious amid oversupply concerns.
The most immediate danger lies at the $0.185 level – a critical support that also marks the base of Pi’s long-term channel. Losing this level could trigger a slide toward $0.165, exposing the token to new cycle lows. On the upside, the $0.30 region acts as the first checkpoint for recovery. A decisive close above that barrier could spark a relief rally toward $0.53, though sustained buying pressure appears limited for now.
Adding to the pressure is a substantial wave of new supply. According to PiScan, roughly 119.4 million PI tokens – worth over $31 million – are set to unlock in October. The daily average stands near 4 million tokens, with the largest event scheduled for October 11, when over 9 million PI will be released.
Earlier optimism following the reopening of PI withdrawals on OKX quickly faded after 15.7 million tokens were moved within 24 hours, leaving prices unmoved and confidence dented. This pattern suggests traders are repositioning defensively rather than accumulating for a recovery.
Heading into October, Pi’s prospects hinge on whether bulls can defend the $0.185–$0.22 corridor. Holding this zone could give room for a short-term rebound, but continued unlocks and weak liquidity threaten to undermine any relief rallies. Unless new catalysts emerge, the token may struggle to escape its months-long decline – a sign that the Pi Network community faces a critical test of resilience in the weeks ahead.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/pi-network-news-heavy-token-unlocks-threaten-october-price-stability/