The cryptocurrency market is on a strong rally, with Bitcoin BTC approaching the $95,000 mark, along with altcoins like Ethereum ETH, Solana SOL, Cardano ADA, and Ripple’s XRP, all recording spectacular price gains. But on the other side, Pi Coin PI has unexpectedly dropped, deviating from the overall positive sentiment in the market.
Despite the crypto market being fueled by U.S. President Donald Trump’s announcement of a “strategic national Bitcoin reserve” and the upcoming White House Crypto Summit on March 7, Pi Coin is underperforming. Analysts suggest that whale manipulation may be a driving factor behind this volatility.
Despite PI’s rapid growth, securing listings on major exchanges remains a challenge. On February 17, Binance held a community poll to assess interest in adding PI to its platform. However, engagement was minimal, with only 0.12% of Binance’s 250 million users (around 294,957 participants) casting their votes. Among them, more than 86% supported the listing.
Following the poll, Binance emphasized that the final decision would depend on its official review process and adherence to listing criteria.
Crypto analyst Dr. Picoin believes the current fluctuations in Pi Coin’s price stem from a pump-and-dump scheme led by large holders. He states that stability is likely to return if decentralized applications (dApps) launch on Open Network.
“Once a majority of Pi DApps are deployed, they will significantly reduce pump-and-dump cycles by increasing utility-based demand and stabilizing liquidity,” said Dr. Picoin.
In a positive development, Florida-based real estate company Zito Realty has announced its acceptance of Pi Coin for real estate transactions. If more businesses follow suit, Pi Coin could break free from the meme coin market, potentially igniting a strong uptrend.
Pi Network’s PI token officially launched on February 20, 2025, debuting at $3.00 before rapidly dropping to $0.60 as early investors cashed out. However, PI’s market trend reversed shortly after, surging nearly 400% to hit an all-time high of $3.00 before plummeting again by 44%.
Over the past 24 hours, PI has slipped another 4.50%, with its price now standing at $1.67. The bearish momentum seen in the descending parallel channel is growing stronger, with the Relative Strength Index (RSI) falling below 50 and making lower lows—signaling increasing selling pressure.
If the bear market persists, PI Coin might break the key support level of $1.50. Dropping below this threshold could send the token down to somewhere between $1.00 and $0.70.
But if the market re-establishes balance and Pi Network manages to deploy its dApps, the demand-driven growth could potentially reverse the current sell-off and allow pi to reclaim a value above $2.00 soon.
Pi Coin is still stuck at a critical crossroads and these are exacerbated by whale manipulation and adoption lethargy. But, its next move will most likely result from growth in potential utility, increased merchant adoption, and general market sentiment. Support and resistance levels within the context of overall crypto volatility loom important for traders.
Also read: Why XRP, Cardano, Ethereum, Bitcoin, And Solana Prices Rising?
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