Pi Network Price Faces Bearish Pressure Despite AI-Fueled Optimism

The price of PI Network has shown remarkable resilience, hovering around the $0.477 mark in the first week of July. Bullish traders are stepping in to defend this level, to protect its price from a drop that could lead to a revisit of its all-time low. 

As technical signals, the token’s price has been consolidating, leaving many to wonder about its next move.

While its recent data from PiScan reveals a concerning future over the next 30 days, as more than 300 million tokens are waiting to be unlocked. The past is evident that it is not good news, at least for Pi Network, because demand has failed to keep pace with the influx of new tokens.

Is Artificial Optimism In The Market For PI Network?

Despite these bearish indicators, a wave of possible artificial optimism is emerging, fueled by the X account Pi News, which is claiming that PI could soon print the largest green candle in crypto history. 

Followed by a recent post from the account that hinted that PI coin is set to surprise investors in the coming weeks. The source of this optimism remains unclear, but the core team behind PI Network has been actively promoting their efforts to develop applications through Pi App Studio. 

This seems like a calculative strategy aiming to transform the coin’s image from a stagnant asset to a promising utility coin for the future. But will it work? Still a mystery.

However, this post seems like an artificial post, just an effort to pump PI, which is more clear than ever with its on-chain metrics, that describes the overall flow of people’s thoughts are bearish and pessimistic. Even negative sentiment for PI just spiked, while positive sentiment on the chart can be seen clearly that it is on the decline.

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Can This Be An End For PI Network’s Price?

The PI Network price has reached a level on the chart that is marked as either a MAKE-OR-BREAK moment, as periods of low volatility have often preceded a significant outburst if an asset is truly credible. 

Is the PI Network credible for gains? Many might be wondering this at this point. However, with token unlocks lined up for the next 30 days and weak utility factors contributing to lower adoption, positive views are overshadowed by bearish sentiment. This clearly indicates that PI could be approaching its final shattering point.

If it loses support near $0.477, it could slide to an all-time low of $0.40, raising the odds for the PI Network to descend further into the abyss. Conversely, if the token unlocks meet the right demand and drive utility-driven adoption, only then does it have a chance of survival in the industry.

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