Pi Network drops more than 25%, breaking week-long rally

Pi Network drops by 25.7%, breaking its previous upward streak that brought the price of the token over the $1 threshold. Its trading volume recently surged by 3.7% in the past 24 hours. According to data from crypto.news, the Pi Network’s token (PI) has been on a downhill slide since May 12. It reached its lowest point at 15:00 UTC on May 12 when it hit $0.93, slightly below the $1 mark. At press time, the token has gone down nearly 25% in the past 24 hours of trading. The sudden price drop ends the token’s rally, dragging the price down to 61% below its all-time high at $2.99. Even though the token recently broke through the $1 threshold after surging by 35% just a day prior. Its rally was powered by a 114% weekly surge. However, the token’s decline held the rally back in its tracks, bringing its weekly gains to 95% and its monthly uptick to 53.9%. This rally break was accompanied by a 3.7% surge in its trading volume. At the moment, Pi’s daily trading volume sits at over $1.73 billion in the past 24 hours. Despite the price drop, its daily trading volume went up by $300 million compared to the previous day. This could indicate that holders are rushing to sell the token amidst fears of the price dipping lower. The recent drop in prices could lead to traders “panic selling,” which could push prices even lower while trading volume goes up alongside selling pressure. Most recently, the Pi Network team hinted at a major announcement scheduled to take place on May 14. The post shared on May 8 only described it as an “ecosystem announcement. Not only that, the timing of the announcement also coincides with the upcoming Consensus 2025 Summit, where Pi’s founder is scheduled to speak. These recent events sparked trader optimism, leading to its recent rally which pushed the price of Pi up past the $1 mark. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Source: https://crypto.news/pi-network-drops-more-than-25-breaking-week-long-rally/