TL;DR

What goes up must come down, right? Well, thats certainly true for Pi Networks native token, which crashed hard in the past several hours. Nevertheless, some analysts remain optimistic, indicating that this is just the necessary correction before another massive leg up that can take it above $2. The cryptocurrency market rarely remains boring for long, as theres always some altcoin that waits to produce massive price volatility. In the past week, that honor belongs to Pi Networks cryptocurrency.

PI stood within a consolidation range at around $0.6 up until the end of the previous business week, when the team behind the project hinted about a major development coming on May 14.

Whether it was the hype around that or the overall market resurgence, it doesnt really matter, but the reality is that PIs price skyrocketed by almost 200% to yesterdays peak at around $1.7. This became its highest price tag in well over a month.

But nothing really goes in a straight line all the time. PI proved that to be correct today as its price slumped hard by over 35% at one point and even dipped below $1 briefly. Although it has recovered to $1.12 as of now, its still more than 25% down on the day.

This massive decline comes amid a relatively negligent token unlock of fewer than 8 million PI. For comparison, the number is set to shoot up to over $13 million on several occasions in the next month.

PI Token Price. Source: CoinGecko Despite this correction, analysts remain optimistic about PIs future price performance, as technical observers somewhat anticipated this price drop to $1 support. Moon Jeff continues to back the asset and noted that todays crash means that tomorrows announcement could have already been priced in.

Nevertheless, the popular X commentator believes if the news is great, it could pump the price higher to above $2.

$PI is already priced in for the news.

Now waiting for the news.

If the news will be great we will pump up higher.

Maybe slightly above $2. #PiNetwork pic.twitter.com/CSQmrYornw