Unlike several major cryptocurrencies, Pi Network’s PI token has experienced a significant decline at the start of this year. Analysts are increasingly bearish about its future, noting persistent downtrends and potential further declines.

Current Market Status

Currently priced at approximately $0.20 (based on CoinGecko’s data), it has seen a meager 2% rise over the week but a staggering 93% drop from its peak of $3 in February of last year.

An X user by the name of pinetworkmembers, who has voiced criticism towards the project, expressed concerns regarding the token’s viability, stating that it is hard to stay bullish on PI, especially given its stagnation during recent Bitcoin rallies.

“At some point, you have to ask if this is innovation… or just wasted time and opportunity cost,” they remarked.

Increased supply on exchanges is contributing to the negative outlook, with nearly 1.8 million tokens moved to centralized platforms within 24 hours, often seen as an early indication of a sell-off. As it stands, over 425 million PI tokens are held on exchanges, with over 52% on Gate.io, and Bitget holding about 148 million.

Hope for a Rally

However, some analysts maintain a positive outlook, promoting the possibility of a rebound. Vuori Trading has observed that PI might be breaking out from an eight-month downtrend, suggesting a potential rise to $0.57. Similarly, Aman indicated that the token had been consolidating under significant resistance, forecasting new highs if it surpasses $0.215.

Additionally, critical token unlocks are anticipated, with 130 million PI set to be released in the coming month, which could stabilize prices in the short term. [Source: X]

PI Exchange Reserves

Source: piscan.io

PI Token Unlocks

Source: piscan.io