NOIDA (CoinChapter.com) — Pi Network’s native token, Pi Coin, extended its bearish trajectory on April 21, trading near $0.637 after a fresh 3% decline to a daily low near $0.63. The drop came as broader crypto markets showed modest signs of stabilization. Bitcoin reclaimed the $66,000 level while Ethereum recovered above $3,300, yet Pi Coin continued to underperform, weighed down by repeated token unlocks and waning investor confidence.
The asset has failed to sustain momentum above the $1 mark since the launch of its open mainnet earlier this year. Before the mainnet went live, Pi Coin’s IOU markets showed speculative highs above $40—driven largely by hype, scarcity illusions, and community-driven price fantasies. Even after the network moved into its open phase, Pi Coin has failed to hold anywhere near those speculative valuations.
Since Jan. 2025, each unlock event has only intensified downward pressure. Pi Coin ranks among the top 30 cryptocurrencies by market cap, yet it offers limited utility and trades on only a handful of exchanges.
Meanwhile, a segment of Pi’s community remains addicted to hopium. A post by a self-claimed Pi Network news providing X account highlights the addiction. The account shared a post claiming the coin should be priced at a laughable $314,159—referring to it as a “GCV” or “Global Consensus Value.”
Another post featured a BMW M3 edited to display “Pi Network” branding, further fueling unrealistic expectations. The dissonance between Pi’s real market performance and its community’s aspirations continues to widen, underscoring the gap between narrative and reality.
Rising Wedge Breakdown Threatens Deeper Pi Coin Decline
Pi Coin’s recent price action presents a clear bearish threat. The token is currently testing the lower trendline of a rising wedge pattern on the daily chart. The rising wedge, typically recognized as a bearish continuation setup, forms when the price consolidates upward within two converging trendlines.
The formation signals weakening bullish momentum and often precedes a sharp breakdown once an asset breaches the pattern’s lower boundary.
Traders usually calculate the projected price target in a rising wedge breakdown by measuring the vertical distance between the wedge’s high and low, then subtracting that value from the breakdown point. If Pi Coin decisively breaks below the support near $0.63, the projected downside target lies near $0.413, a drop of over 35% from current levels.
While Pi Network recently announced an integration with Chainlink, adding the token to over 20 data feeds, that bullish catalyst failed to produce any sustained upward momentum. Following the news, the price initially jumped over 35% but quickly reverted downward. Apart from this brief Chainlink-induced rally, Pi Coin lacks any tangible bullish cues to offset the overwhelming supply-side pressure from recent unlocks.
As the token continues to trade far below its speculative IOU valuations from 2023, confidence remains shaky. The absence of strong fundamentals and a bearish chart structure makes Pi Coin vulnerable to a steep correction if the current wedge pattern breaks down.
Sub-Wallet Activity Hints at Price Manipulation Behind PI’s “Stability”
The Pi Network token’s price has held firm near $0.60 in recent weeks despite persistent token unlocks—a development that has puzzled many traders. While some in the Pi Network community attribute this to strong market demand, blockchain activity and timing suggest another possibility: strategic price management through a Pi-linked sub-wallet.
As Pi Coin continues to test critical chart support amid weak fundamentals, hints of behind-the-scenes price manipulation have emerged. A pro-Pi Network X account, Dr Altcoin, pointed to a previously inactive wallet—now believed to be linked to the Pi Core Team—that began accumulating large amounts of unlocked Pi and routing it through exchanges.
The move appeared timed with each wave of token unlocks and conveniently absorbed much of the market’s excess supply. By doing so, the wallet activity may have slowed downward momentum, giving the illusion of price stabilization.
The lack of transparency only deepens the concern. While the Pi Network Core Team has not publicly acknowledged any such intervention, their silence starkly contrasts with the timing and volume of these movements. Critics argue that the team may be propping up the price to avoid panic and preserve the illusion of organic demand.
Adding to the confusion, some community figures continue promoting fantastical price targets—like $314 or higher—despite the token’s declining structure. Nonsensical posts predicting sky-high PI coin prices flood social platforms, reinforcing a cult-like optimism even as the fundamentals deteriorate. These tactics reflect a growing gap between perceived value and actual market performance, raising doubts about Pi Network’s long-term credibility.
