Pi Network price drops 42% amid skepticism over upcoming mainnet launch

The price of Pi Network (PI) IOU has taken a sharp downturn, dropping 42% in the past 24 hours, as growing doubts about its upcoming mainnet launch on February 20 weigh on investor sentiment.

The steep decline reflects mounting skepticism surrounding the altcoin, particularly amid persistent rumors that Pi Network operates as a pyramid scheme.

These concerns have made it increasingly difficult for the token to gain traction, with many investors remaining uncertain about its long-term viability.

Bearish Sentiment Intensifies

Technical indicators suggest that bearish momentum is accelerating for Pi Network (PI) IOU. The Relative Strength Index (RSI), which briefly entered overbought territory, has now seen a sharp reversal, indicating growing selling pressure.

While the RSI remains above the neutral 50.0 level, the sudden downtick highlights the market’s hesitation. Historically, when assets enter overbought zones and then drop, further declines often follow.

Adding to concerns, the Chaikin Money Flow (CMF) indicator, which measures capital inflows and outflows, has been trending downward since the start of the month.

Despite occasional recoveries, the CMF has failed to sustain positive momentum, signaling that outflows continue to dominate inflows.

Such trends indicate a lack of investor confidence, reinforcing fears that the token may struggle to regain lost ground in the near term.

Key support levels and price outlook

PI IOU currently trades at $72, after failing to establish $130 as a support level, triggering a sharp selloff. With selling pressure mounting, analysts warn that the price could face further downward pressure if confidence in the project does not improve.

The next critical support level sits at $63—a break below this threshold could push the price down to $47, further deepening investor losses.

Conversely, if PI manages to hold above $63 and rebound, it could make another attempt to breach the $130 resistance level.

A successful push beyond $130, flipping it into a support level, would invalidate the bearish outlook and set the stage for a potential recovery.

However, given the current sentiment, such a reversal remains uncertain without a shift in investor confidence.

As the mainnet launch approaches, market watchers will be looking for signs of stability and stronger buy-side support. Until then, volatility and downside risk remain high for Pi Network’s price trajectory.