Pi Network price has lost a key support level after weeks of consolidation, opening the token to further downside and a potential drop to a new all-time low.

According to data from crypto.news, the Pi Network (PI) price fell below the $0.20 support level on Monday after consolidating within the $0.20 to $0.22 range for over five weeks. Trading at $0.19 at press time, the altcoin is currently down 93.5% from its all-time high, reached last February, and remains just 13% above its record low of $0.17, reached in October.

Losing this key technical support level puts the token at risk of further downside, especially as several key network metrics have dropped. 

For instance, Pi Network’s daily trading volume has plummeted to $18.5 million, a figure that is significantly low when compared to when it was launched back in February last year. This goes to show that demand for the project has significantly dropped.

Meanwhile, as its trading volume has dropped, PI coin’s circulating supply has continued to increase, with over 4.6 million tokens entering the market each day. Further, data from PiScan shows that 55.8 million tokens are still scheduled to unlock by the end of this month, with over a billion tokens expected to hit the market in the next 12 months.

Such consistent token unlocks without sufficient demand to absorb could introduce significant inflationary pressure on the token, especially given the lack of bullish news or developments from the project team since the beginning of 2026.

At the same time, data from PiScan shows that the number of PI whales, defined as investors who hold more than 10 million PI tokens and often soak up market supply, has consistently dropped since the start of the year.

Whales exiting the market can also stir panic among smaller investors, which is likely what Pi coin is going through recently. Without a significant shift in market sentiment, the token remains vulnerable to a potential drop toward a new all-time low.

Pi Network analysis

On the daily chart, the PI token has formed a very bearish setup with multiple bearish patterns and technical signals highly suggesting the token could be up for major downside in the coming days.

It had a bearish breakdown from a rising wedge, a typical technical formation that has often been the precursor to a bearish reversal in trend. Furthermore, the Pi token price has also formed a double top pattern, another bearish pattern that has historically also been followed by sustained downside.

Additionally, PI has also lost the last layer of defense at the $0.192 to $0.196 range, which means there remains no support level for the price to lean on in its current trajectory. On top of this, the MACD lines were pointing downwards, while the RSI formed a bearish divergence.

As such, the Pi Network token is at a risk of dropping to its all-time low of $0.1534, which it fell to in October last year. If selling pressure continues to last with no major move by the project development team, a new all-time low could be in play.