Pi Network’s token has slipped to around $0.138, marking a 22% decline over the past month and approaching its historical bottom. The breakdown of a falling wedge pattern on the daily chart has intensified selling pressure, with the token now trading just above its all-time low zone near $0.13. The pattern, which had been forming since April, broke lower after buyers failed to overcome resistance in the $0.18-$0.20 range.
Supply pressure mounts as data from PiScan reveals over 163 million PI tokens are scheduled for release in the next 30 days. Daily unlocks average 5.45 million PI, with a major event on June 11 expected to unlock nearly 16 million tokens. This steady influx of tokens into circulation has created a challenging environment for buyers, particularly as early holders continue to take profits.
Broader market conditions have also deteriorated, with Bitcoin sliding toward $65,000 and Ethereum briefly touching $1,800. Over $750 million in crypto positions were liquidated during the recent selloff, reducing speculative demand for altcoins like Pi Network. This macro weakness has compounded the token’s troubles, leaving it vulnerable to further declines.
On the technical front, Pi Network has lost key support levels, including $0.18, $0.16, and the psychological $0.14 mark. Fibonacci retracement levels from the February low to March peak show the 78.6% retracement at $0.166 already breached, and the price is now hovering just above the 100% retracement around $0.1299, which coincides with the all-time low. The MACD histogram remains below zero, and the MACD line is under its signal line, suggesting continued bearish momentum despite a slowdown in selling pressure compared to May.
The most immediate downside risk is a decisive break below the $0.129-$0.131 support band, which could lead to a new record low. Token unlocks remain a key risk factor, as increased exchange inflows from unlocked tokens could amplify selling pressure. To stabilize sentiment, bulls would need to reclaim the former breakdown area near $0.16. A move above that could target resistance at $0.194, aligned with the 61.8% Fibonacci retracement. Until then, the chart favors sellers, making the all-time low the critical level to watch.