Pi Network’s price is at risk of a bearish breakout, potentially revisiting its all-time low as exchange inflows and token unlocks continue to rise. Pi coin ( PI ) token dropped to $0.7570 on Tuesday, down 13% from its peak last week and 54% from its highest point in May. The token now faces multiple risks that could push it lower. First, on-chain data shows holders are increasingly moving their tokens to centralized exchanges. Net flows over the past 24 hours exceeded 3.075 million Pi coins. The net flow to OKX rose to 1.474 million coins, while inflows to Bitget, MEXC, and Gate stood at 20,790, 460,834, and 1.1 million, respectively. These exchange inflows suggest that Pi Network investors are capitulating and selling their holdings, following a crash of over 80% from the all-time high. You might also like: Interview | Inside Pi Network’s $100m fund for real-world utility Additionally, Pi Network continues to unlock millions of coins a day. Data shows that it will unlock over 263 million Pi coins in June, 233 million in July, and 132 million in August. It will release 1.519 million coins in the next 12 months, averaging 132 million a month. These unlocks come at a time when demand for Pi Coin is weakening. A significant increase in supply, combined with soft demand, typically results in further price pressure. There are also signs that retail interest in Pi Network is fading. According to Santiment, Pi’s social dominance score has dropped to 0.24% from 1.15% in April, while social volume across major platforms has declined to 20 from a year-to-date high of 182. Social dominance and social volume | Source: Santiment Pi Network price technical analysis The eight-hour chart shows that Pi Coin has remained under pressure in recent weeks, falling from a high of $1.6677 on May 12 to the current $0.7500. The token has dropped below the 25-period exponential moving average, while the Percentage Price Oscillator has moved below the zero line. Pi Network’s price has also formed a bearish flag pattern, often a precursor to further downside. If confirmed, the initial support to watch is $0.6300, aligned with the ascending trendline connecting recent swing lows since April 5. A break below that level could open the door to additional losses, with the next key support at $0.40, Pi’s lowest point on April 5. You might also like: Pi Network price crashes amid insider sales, rug pull claims