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In the last 24 hours, the Pi Network (PI) cryptocurrency has experienced a 12% decline, mirroring the downturn in the global market. The asset fluctuated between $1.25 and $1.59 during the day, currently trading at approximately $1.39. Investors are exercising caution ahead of upcoming U.S. inflation data, while recent token movements by the Pi Core Team have also added pressure on the price. Concerns are rising with 282 million tokens set to be released over the next 30 days, potentially increasing supply.
Market Dynamics and Increased Token Supply
The global cryptocurrency market is adopting a careful stance due to inflation expectations. Analysts emphasize that the pullback from risk assets has significantly affected many cryptocurrencies, including PI. Despite an increase in daily trading volume for Pi Network, the decrease in price indicates considerable selling pressure.
A total of 126 million tokens leaving the Pi Core Team’s wallet on March 7-8 raised concerns in the market. However, the blockchain monitoring platform PiScan clarified that these movements were part of “routine distributions.” Furthermore, the anticipated release of 23 million tokens daily over the next month presents risks of supply-demand imbalance.
Support Levels and Potential Upswing Scenarios
Technical analysts identify a critical support level for PI at $1.05. If this level holds, the asset could test a resistance band between $2.40 and $2.60. Analyst Rose Premium Signals notes that a strong movement from support may trigger a new upward trend.
Reports about PI’s potential as a payment method in the real estate sector positively influence long-term expectations. However, in the short term, warnings are issued that overall market volatility and increased token supply may pressure prices. Events like the upcoming “Pi Day” in March are expected to create a favorable psychological impact.
