The recent turmoil in the cryptocurrency market has affected the native token $PI of Pi Network. The price performance of this token is concerning, having once fallen below the historical low of 0.35 USD, sparking widespread discussion in the cryptocurrency community.

Although $PI has rebounded by 4% in the last 24 hours, rising to around $0.36, the overall market is still in a bearish-dominated state. It is worth noting that this rebound lacks sufficient trading volume support, with the trading volume decreasing by nearly 30% over the past day, only amounting to about $112 million. The phenomenon of rising prices while trading volume declines indicates that this rebound may lack substantial buying support.

What further worries investors is that approximately 150 million $PI tokens will be unlocked in the next 30 days, worth about $64 million. Given that the unlocking of only 8 million tokens in May this year led to a 25% price fall, this larger scale unlocking may exert even greater pressure on the price of $PI.

There are also rumors in the market that another wave of 276 million $PI tokens may soon be unlocked. In the current environment of sluggish trading activity and insufficient liquidity, such a large increase in supply could put significant price pressure on $PI.

From a technical analysis perspective, the indicators for $PI show bearish signals. The Parabolic SAR indicator has formed a clear resistance, further increasing the difficulty of price increases in the short term.

In the face of these challenges, the Pi Network community and investors are closely monitoring the next steps of the project team. Whether effective strategies can be proposed to address the upcoming token unlock, and how to enhance the network's utility and adoption rate, will be key factors in determining the future trajectory of $PI.

In this period full of uncertainty, investors need to remain vigilant and closely monitor market trends and project developments. At the same time, they should also recognize the high-risk characteristics of the encryption currency market and做好风险管理和资产配置。