- Pi Network crashes 14% to a record low as selling pressure intensifies.
- The upcoming November summit could offer hope for a recovery.
Pi Network (PI) has crashed to a new all-time low of $0.0625 after losing nearly 14% in 24 hours, as selling pressure intensifies across the market. PI has since recovered slightly to $0.0667, but bearish sentiment continues to weigh on its price.
With the November 17–19 ecosystem summit approaching, investors are watching for developments that could support a rebound. However, an oversold RSI and declining futures open interest suggest that traders remain cautious about PI’s recovery prospects.
PI Trading Volume Surges 230% as Selling Pressure Intensifies
Pi Network plunged from $0.0729 to a new all-time low of $0.0625 within 24 hours. At press time, PI remained below $0.070, reflecting continued selling pressure.
The sharp decline coincided with a significant increase in trading activity. PI’s 24-hour trading volume surged 230% to $13.01 million, indicating increased market participation during the sell-off.
However, rising volume does not necessarily signal renewed buying interest. It could reflect investors rushing to exit their positions as prices fall, while other traders may be attempting to buy at lower levels.
Broader market conditions also remain unfavorable. The Crypto Fear and Greed Index has dropped to 29, indicating fear among market participants. This environment could limit demand for PI and make it harder for the cryptocurrency to sustain a recovery.
Pi Network Open Interest Falls to Lowest Level Since July
Pi Network’s upcoming ecosystem summit has attracted attention, but activity in the derivatives market suggests traders are not yet positioning for a potential rally.
The first-ever Pi Network ecosystem summit will take place from November 17 to November 19. The event will bring together developers, community members and the core team, including founders Nicolas Kokkalis and Chengdiao Fan.
The team has also promised new feature announcements, development updates and discussions about the network’s future. In addition, the summit will feature a hackathon with a 200,000 USDT prize pool.
Despite these developments, futures traders remain cautious. Open interest in PI has fallen to approximately $22 million, its lowest level since July 8.
Open interest measures the total value of outstanding futures contracts. When it falls alongside the price, it often indicates that traders are closing positions rather than opening new ones.
This decline suggests that market participants are reducing their exposure instead of betting on an immediate recovery. As a result, PI could struggle to attract enough buying pressure to reverse its current downtrend, even with the upcoming summit approaching.
Pi Network Price Prediction: RSI Signals Oversold Conditions
PI’s RSI has dropped to 18 as the price falls below $0.070 for the first time. An RSI reading below 30 indicates oversold conditions. At 18, PI’s selling momentum remains extremely strong, although the reading also raises the possibility of a short-term rebound if buyers enter the market.
However, oversold conditions do not guarantee an immediate recovery. In July, PI’s RSI dropped to 12 before the price eventually rebounded.
The $0.0625 level remains the latest all-time low and an important support area. If selling pressure pushes PI below this level, the next psychological support sits at $0.060.
A break below $0.060 could expose PI to further losses toward the 123.6% Fibonacci extension near $0.058. On the upside, PI needs to reclaim $0.079 resistance to provide stronger evidence of a potential recovery.
Can the November Summit Trigger a PI Price Recovery?
The November 17–19 Pi Network ecosystem summit could provide a catalyst for a price recovery, particularly if the team announces developments that attract new users and strengthen confidence in the ecosystem.
The event will feature new feature announcements, discussions with developers and core team members, including founders Nicolas Kokkalis and Chengdiao Fan. It will also include a hackathon offering a 200,000 USDT prize pool.
These developments could renew interest in PI and attract buyers after its recent crash. However, the impact will depend on whether the announcements translate into meaningful ecosystem growth and stronger demand for PI.
In July, PI rebounded by more than 40% after falling to approximately $0.070. A similar recovery could push the price toward $0.090 if buying pressure returns.
However, broader market fear and declining futures open interest could limit gains. Investors will also watch whether PI can defend $0.0625 and reclaim $0.079, which remains an important resistance level.
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