Who Still Hold PI: Oversold Signals Hint at $5 Comeback After 70% Crash

Pi Network has plunged 70% in two months, but a rare RSI dip and community optimism could fuel a surprise rebound.

Pi Network’s native token, PI, has become one of the worst-performing assets in the crypto market this year, crashing by over 70% since mid-May. From trading highs earlier in 2024, PI has slipped to just $0.45, raising serious concerns among investors. The looming unlock of millions of tokens is contributing to a steep increase in selling pressure.

According to data, over 246 million PI tokens are scheduled to be released over the next 30 days, with 16.4 million hitting the market on July 10 alone. This surge in available supply is fueling fears of continued downward momentum, especially among traders who have waited months to offload their holdings.

One prominent crypto analyst on X, Zoe, labeled the massive token supply and lack of controls around unlocks as PI’s “main problem.” She suggests a token-burning mechanism could mitigate this issue by reducing circulating supply. By permanently removing tokens from the ecosystem, a burn function could help create scarcity and upward price pressure if demand holds.

Some community members agree, emphasizing the urgency of better communication from the project’s team and proposing a buy-back mechanism as another method to slow the sell-off. Others remain skeptical that such features would be enough to reverse sentiment without a broader roadmap update.

Meanwhile, forecasts for PI’s price remain divided. Some traders, such as Crypto Cloud, suggest PI has hit “rock bottom” and may sink further, particularly if the market sees no bullish catalyst. On the flip side, optimists like MOON JEFF argue that the current lows are simply a temporary phase. He insists those who hold PI through the downturn could benefit from massive gains once altseason returns.

Technical indicators show that PI’s RSI has dropped to near 30—often considered oversold territory. Historically, such dips can precede sharp rebounds, hinting that a relief rally could be on the horizon. While the path forward remains uncertain, all eyes are now on the July unlocks and whether the team will act to support the token’s stability.

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