Pi Coin (PI), one of the most talked-about yet polarizing projects in the crypto world, is once again in the spotlight. With its price down 32.4% over the past month and sentiment in the community turning cautious, attention is now focused on June 28—known as “Two-Pi Day” or “Tau Day.” Supporters are hoping this date will bring much-needed news from the Pi Core Team, potentially changing the narrative for the struggling token.

As it stands, Pi has broken below the crucial $0.60 support level and currently trades closer to $0.50. But with anticipation growing around the upcoming event, traders and investors alike are trying to assess whether the token has reached its bottom—or if more downside is in store.

Frustration Grows Over Delayed Progress

Despite its ambitious vision of creating a mobile-first blockchain network with millions of engaged users, Pi Network has faced mounting criticism over delays and a lack of clear roadmap execution.

Even long-time supporters have recently expressed doubts, pointing to the absence of tangible developments since the start of its public mainnet. There have been no significant ecosystem partnerships or high-profile utility rollouts to support price action or improve user confidence.

Without any major updates from the Pi Core Team, market watchers have warned that Pi could continue sliding toward $0.40—unless something meaningful is revealed on June 28.

Token Unlock Pressure Weighs on Price

Adding further pressure to Pi’s recent decline is a major unlock of tokens this month. Data from PiScan shows that 263 million PI tokens—worth an estimated $143 million—are set to be released in June. This is the largest token unlock until September 2027, when an even larger batch of 310 million coins will enter circulation.

Large token unlocks can create downward price pressure as supply increases sharply. Combined with weak investor sentiment and external factors like geopolitical tensions in the Middle East, this month’s unlock may have amplified Pi’s bearish momentum.

Unless demand increases significantly—either through improved utility or new investor interest—the additional supply could keep prices suppressed in the near term.

Can Two-Pi Day Turn the Tide?

Two-Pi Day, falling on June 28, has become a symbolic event within the Pi Network community. Many are hopeful that the Pi Core Team will use the occasion to deliver long-awaited updates or unveil new partnerships, applications, or network enhancements.

Optimism centers around the idea that meaningful progress updates could shift the market’s perception and help re-ignite interest in the token. If Pi is to stage a recovery, community-driven events like this may be the catalyst.

Technical Analysis Shows Mixed Signals

Despite the overall downtrend, short-term price movements have hinted at a possible shift in momentum. Pi has recently tested resistance at around $0.55, which is a key level to watch. A successful break above that level could open the door for a move to $0.57, and potentially retest the previous support-turned-resistance at $0.60.

Technical indicators are also flashing some bullish signs. Most notably, the 9-period exponential moving average (EMA) has crossed above the 21-period EMA. Known as a “golden cross,” this pattern often signals a change in trend direction and could suggest that Pi is primed for a short-term recovery.

However, Pi still faces significant resistance at the $0.57–$0.60 zone. That area also coincides with the 200-period EMA, creating a confluence point that may prove difficult to break without a strong fundamental catalyst.

$1 Price Possible—But Only With Major News

According to community sentiment and historical price behavior, Pi Coin could potentially climb back to the $1 level—but only if the Pi Core Team delivers major updates during Two-Pi Day.

Some possibilities include the unveiling of new Apps, ecosystem partners, or enhanced staking features that reward network participants. Any revealed  that boosts real-world use or user engagement could drive a price reaction and attract renewed interest from buyers.

On the other hand, if the team fails to provide meaningful news, it could confirm bearish expectations and lead to further selling.

Long-Term Outlook Still Uncertain

Despite growing pains and recent price weakness, the Pi Network remains one of the most followed grassroots projects in the crypto space. Its mobile mining approach attracted millions of users during its testnet phase, giving it a strong starting base.

But sustaining long-term value will depend on execution. In a competitive environment where projects like Solana and Ethereum continue to innovate and expand, Pi Network will need to prove its use case and deliver consistent results to maintain relevance.

The upcoming Two-Pi Day may be a make-or-break moment—not just for price action, but for the broader faith in the project’s future.

Final Thoughts

Pi Coin is in a critical phase. After shedding over 30% of its value in the past month and facing pressure from a massive token unlock, the project is now leaning heavily on its June 28 event to change the narrative.

If the Pi Core Team delivers impactful updates that boost utility and ecosystem confidence, a push toward $0.60—or even $1—is possible in the short term. But without that, the downward trend could continue, with $0.40 looming as the next likely support zone.

Investors and community members will be watching closely in the coming days. Whether Pi proves its critics wrong or not may depend on what happens next week.