The cryptocurrency market turned sharply bearish after Israel’s latest military strike on Iran, triggering a broad sell-off across major digital assets. Bitcoin fell 3.5% to $104,209, while several top altcoins, including Ethereum, Solana, and Cardano, posted losses between 6% and 9%. However, Pi Network (Pi Coin) suffered an even steeper decline, crashing nearly 13% in the past 24 hours. The token is currently trading around $0.5506, deepening its losses over the last week to 11%, and widening its monthly losses to a staggering 56%.

According to analyst Dr. Altcoin, the price action reflects increased geopolitical risk. “If Iran retaliates, markets could plunge further,” he warned. This macro threat is now weighing heavily on investor confidence, especially for newer tokens like Pi, which are already facing internal challenges.

Whale Movements, Technical Weakness Cloud Near-Term Outlook

Before the price collapse, whale wallets were spotted accumulating Pi tokens at lower levels. This behavior is often seen during periods of extreme fear, suggesting some institutional or large-scale investors may be preparing for a potential rebound. Still, technical indicators are currently flashing strong warning signs.

Pi Network remains in a clear downtrend. The token is trading below all major Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) in both short-term (10-day, 20-day) and mid-term (50-day, 100-day) timeframes. Momentum indicators such as the MACD and Momentum Oscillator are also suggesting bearish continuation. The Relative Strength Index (RSI), now at 32, places Pi in near-oversold territory.

Beyond technical signals, broader market conditions, ongoing Pi ecosystem issues, and a lack of clear communication from the Core Team have amplified the uncertainty.

GCV Debate and Mainnet Silence Stir Frustration

One of the more controversial topics in the Pi Network community remains the so-called Global Consensus Value (GCV). Promoters of GCV have long speculated a fixed price floor in the $100 to $314 range—figures that analysts like Dr. Altcoin have dismissed as “economically impossible.”

In his recent commentary, Dr. Altcoin labeled the GCV a “myth,” emphasizing that without open market consensus, asset values cannot be arbitrarily fixed. “There’s no mechanism in economics to enforce a global price without free market dynamics,” he stated.

With Pi2Day scheduled for June 28, 2025, many users hope the Core Team will finally address the GCV narrative, or at least provide updates about the open mainnet, merchant adoption, or exchange listings. The Pi community has been eagerly awaiting a transition from the enclosed mainnet to a publicly tradable network.

June 28 and Beyond: Will Pi Recover?

Despite the steep correction, Pi’s recent whale activity and increasing social media engagement point to rising interest. While prices could slip toward $0.40 in the short term—especially if no meaningful update is released by late August—some analysts believe that Pi is reaching a technical bottom.

One key factor could be the rate of token unlocks. As early adopters finish KYC and complete mainnet migrations, selling pressure could begin to decline. This slowdown in supply might help stabilize prices and restore investor confidence.

Furthermore, if the Core Team introduces concrete updates related to merchant tools, real-world use cases, or partnership integrations, the token could attract fresh capital. A potential exchange listing, if confirmed, might also fuel a short squeeze as traders rush to cover bearish positions—similar to past altcoin surges.

Final Thoughts

Pi Network is navigating one of its most crucial periods. While the geopolitical crisis has temporarily derailed bullish sentiment, the upcoming June 28 milestone could be a turning point. A clear stance on open mainnet, ecosystem utility, and token economics could determine whether Pi stages a comeback—or slips deeper into a prolonged downtrend.

Until then, investors remain cautious, waiting for clarity in a volatile macro and micro environment.