Pi Coin Slips Ahead of Pi2Day Event, But Investor Sentiment Hints at Possible Rebound

Pi Coin is under pressure this week as traders brace for the Pi Network’s much-anticipated Pi2Day event. The cryptocurrency has dropped 6% in the past 24 hours, settling around $0.536—just above a critical support level. The sudden dip has wiped out the modest recovery gains seen earlier this week, fueling speculation about what’s next.

Much of the current volatility is being tied to the uncertainty surrounding Pi2Day, a community-driven milestone event for the Pi Network. While the full scope of what Pi2Day entails remains unclear, it has already stirred market reactions and shaped investor behavior.

According to technical indicators, the market is leaning bearish. The Relative Strength Index (RSI), a measure of momentum, remains below the neutral line—suggesting a lack of strong buying interest. Panic selling appears to be accelerating the decline, driven by uncertainty over what Pi2Day will actually deliver.

Despite the price drop, sentiment indicators tell a more nuanced story. Social media data shows that discussions around Pi Coin have picked up, with the weighted sentiment metric climbing above the neutral mark for the first time in a month. This shift suggests growing optimism, or at the very least, increased attention.

That attention could prove pivotal. If the Pi2Day event delivers on expectations or successfully re-engages the community, it could trigger renewed buying activity. In that case, Pi Coin may bounce back toward the $0.579 resistance level, which would mark a key step in recovering from recent losses. A sustained breakout above that point could fuel further upward movement.

However, the path forward isn’t guaranteed. If bearish momentum continues or if Pi2Day fails to inspire confidence, Pi Coin risks falling below its current support at $0.518. A drop toward $0.491 would significantly weaken the bullish outlook and could usher in a deeper correction.