The price of Pi Network’s token, Pi has recently experienced major selling pressure, dropping by 4% to $1.45. This decline came after a brief period of excitement when the coin surged by 20% to $1.70 but later corrected. Despite this setback, new developments, such as the launch of Pi domains, have sparked renewed interest, leading many to believe that PiI could once again push above $2 in the near future.
The support level for Pi is currently at $1.20. If the price drops below this level, it could signal further declines. On the other hand, the resistance level is around $1.90. A breakout above this point could trigger bullish momentum, with $3 being the next major target.
What Went Wrong On Pi Day?
Pi Network’s much-anticipated Pi Day celebrations failed to meet expectations, resulting in a significant sell-off. One of the main reasons behind this was the KYC purge, where millions of unverified accounts lost their Pi tokens, leading to frustration and panic selling among the community.
Another contributing factor is the market constraints, as Pi Network still operates within a closed-loop economy without open blockchain access and major exchange listings, limiting its growth potential.
New Developments Stir Excitement
Despite the challenges, Pi Network remains optimistic about its future. The recent launch of domain bidding with Pi Coins has sparked renewed excitement, offering community members the chance to secure unique domain names in the decentralized space. This development is seen as a potential game-changer for Web3.
Looking ahead, the future of Pi Network will depend on its ability to develop stronger utility, gain real-world adoption, and deliver a clear, actionable roadmap. With ongoing developments and potential exchange listings, many are hopeful that Pi Network could soon rise to new highs.
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