Pi Network price continued its recent sell-off as traders remained concerned about rising exchange outflows and upcoming token unlocks. Pi coin ( PI ) has dropped for eight consecutive days, reaching a low of $0.6025, its lowest point since May 8 and now 61% below its March high. The coin’s sell-off has accelerated since the Pi Core Team launched Pi Network Ventures , an initiative that will provide $100 million in funding to projects on the network. While the ecosystem fund is a positive development, it was not what most traders had anticipated. Social media users largely expected an exchange listing from major platforms such as Binance, Coinbase, or Upbit. Pi has plunged because no major exchange has listed the token following its mainnet launch in February. Pi coin has also tumbled as more tokens move into exchanges. Pi Scan data shows that net exchange flow in the last 24 hours was positive 3.03 million coins, a sign of investor capitulation. You might also like: Will a crypto bull run include Ethereum? Market auction pattern points to $3,340 breakout In total, 5.6 million coins were transferred from self-custody wallets into exchanges, while just 2.65 million moved out. This trend has persisted over recent weeks. The token’s decline is also being driven by daily token unlocks. Over the next 30 days, more than 275 million coins are scheduled to unlock. Valued at roughly $176 million, these tokens represent about 5.31% of the total supply. Token unlocks are typically bearish, as they increase the circulating supply, putting downward pressure on price. There are also ongoing concerns about Pi Network’s centralization. Current data shows just 27 active nodes, zero validators, and 317 disconnected nodes, indicating that the Pi Core Team retains significant control. Meanwhile, the Pi Foundation reportedly holds over 92 billion coins across more than 2,000 wallets. Pi Network price technical analysis Pi Network price chart | Source: crypto.news The four-hour chart shows that Pi Network has extended its steep downtrend in recent days, falling from a high of $1.6690 in May to $0.6420. The chart also reveals that the coin is trading below the 50-period moving average and has formed an inverse cup-and-handle pattern, a well-known bearish continuation signal. The ongoing consolidation reflects the handle formation. Given this setup, the token will likely continue to fall, with sellers eyeing initial support at $0.5547, its low from April 20. A drop below that level would signal further downside, potentially to a record low of $0.40. You might also like: Will a crypto bull run include Ethereum? Market auction pattern points to $3,340 breakout
