Why is Pi Network price down despite crypto market recovery?

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The Pi Network price has dropped below $1 after a significant decline in the past week despite a broader crypto market recovery.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Pi continues to struggle, down more than 65% from its earlier peak of $3 this year. The growing supply pressure is one of the main causes of this decline. According to data from Pi Scan, nearly 99.3 million Pi Network tokens, worth approximately $91 million at Mar. 25 prices, are scheduled to be unlocked over the following 30 days.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

An average of 3 million tokens will be unlocked every day over this period. On Apr. 3, the biggest single-day unlock will take place, bringing 6.8 million tokens into circulation. With a total of 115.57 million in April, 182 million in May, and 222 million in June, more selling pressure might result from this. With PI close to the lower band, the Bollinger Bands indicate that sellers are in control of the price swings. PI may drop to the $0.70 region if it falls below $0.85. With $1.34 as the next target, a break above $1.00 could shift the momentum.