Pi Network has reached a new all-time low as ongoing token unlock pressures and thin liquidity drive further selling in the market. On June 5, data from crypto.news showed PI trading around $0.130 after dropping to approximately $0.126. Over the past month, the token has lost more than 30% of its value, continuing a decline that started after its March rally ended.
A significant source of downward pressure comes from the token release schedule. According to PiScan, over 159 million PI tokens are still set to enter circulation this month, with daily unlocks averaging more than 5 million tokens. The largest single unlock is scheduled for June 11, when nearly 16 million PI will become available. This additional supply arrives when market liquidity is low, with daily trading volume below $20 million across major exchanges. This makes the token vulnerable to large sell orders from early miners and long-term holders who have recently completed KYC and mainnet migration.
Broader market sentiment also adds to the bearish outlook. Bitcoin briefly fell to an intraday low near $61,550 on June 4, while Ethereum dropped below $1,800. The selloff triggered over $1.6 billion in liquidations across leveraged crypto positions, reducing appetite for speculative altcoins and further pressuring PI. On the network side, activity has been mixed. CiDi Games launched a Developer Center and four new games to attract builders, but this has not offset concerns about rising supply.
Whale activity has been noted, with Whale Hunter highlighting a sharp rebound after PI’s previous drop to $0.128. The analyst suggested that a break above $0.20 could renew momentum. However, technical indicators remain bearish. The daily chart shows a confirmed breakdown from a falling wedge pattern, and the loss of key support at $0.13 leaves the $0.10 level as a likely target. PI continues to trade below Supertrend resistance at $0.151 and beneath its moving averages, with lower highs and lower lows since March. The MACD is also bearish, with the MACD line below the signal line, though histogram contraction hints at slowing momentum.
The most critical support now is the recent low between $0.126 and $0.13. A decisive break below this zone would expose the psychological $0.10 level. Token unlocks remain the primary risk this month, as fresh supply could increase exchange inflows and selling pressure, especially if sentiment stays weak. On the upside, bulls need to reclaim the breakdown area near $0.14 and then Supertrend resistance at $0.15. Above that, resistance sits between $0.18 and $0.20, where recovery attempts failed in May. Until buyers absorb the unlocks and reclaim these levels, the chart favors sellers, with $0.10 as the next major downside target.