After an explosive rally that saw Pi Network (PI) break previous highs, the token has now entered a sharp correction phase, dropping over 11% in the last 24 hours. The downturn comes amid a broader sell-off in the crypto market, raising concerns about whether PI’s recent gains were sustainable or just another hype-fueled surge.
Pi Network’s Price Drop – A Market Correction or a Deeper Decline?
Pi Network, which recently hit an all-time high of $2.95, has now fallen to $2.62, mirroring the downward trend seen across other altcoins. The decline follows wider market losses, with Bitcoin slipping below $85,000 and Ethereum seeing a 7% dip.
Despite the correction, Pi’s 24-hour trading volume remains strong, surpassing $2.7 billion, indicating that traders are still actively engaging with the asset. However, technical indicators now suggest a potential shift in momentum, with the Relative Strength Index (RSI) dropping toward neutral territory.
Binance Listing Rumors and Speculation Continue
Pi Network’s previous surge was largely driven by speculation that Binance might list PI soon. A community vote on Binance’s platform overwhelmingly supported the listing, with 86% of respondents voting in favor. However, Binance has yet to confirm the listing, leaving uncertainty in the market.
Many analysts believe that if Binance moves forward with the listing, PI could regain bullish momentum. Until then, the token may remain highly volatile, responding to broader market movements and investor sentiment.
Scam Allegations and Market Skepticism
Despite Pi Network’s strong rally, concerns remain about its legitimacy. Industry experts, including Bybit CEO Ben Zhou, have labeled the project a scam, while blockchain researcher Colin Wu has criticized Binance for even considering a listing.
Moreover, CoinMarketCap and CoinGecko have not officially ranked PI’s market cap, due to a lack of independent verification. This raises questions about the accuracy of Pi’s self-reported $17.5 billion market valuation.
What’s Next for Pi Network?
The coming days will be crucial for PI’s price action. If it manages to hold above key support levels, particularly around $2.50, there could be a bounce-back opportunity. However, if the price drops below this zone, it could signal a deeper correction.
The final outcome of Binance’s listing decision will likely be the biggest catalyst for Pi Network in the near term. Until then, traders should remain cautious and keep an eye on overall market sentiment and liquidity trends.
Final Thoughts
Pi Network has seen tremendous growth, but its future remains uncertain. While rumors of a major exchange listing continue to fuel speculation, skepticism surrounding its legitimacy poses a risk. Whether this is just a healthy market correction or the end of Pi’s rally remains to be seen.
For now, investors should tread carefully, watch key support levels, and stay updated on Binance’s final decision—because in the world of crypto, anything can happen.
