Pi Network’s price breaks below the $0.10 support level, hitting a new all-time low

Summary: Pi Network fell below $0.10 on July 9, marking its lowest level in recent months, with a decline of more than 25% over a single month. Mainnet migration and token unlocks released a large amount of PI into the market, while buying demand proved weak and selling pressure increased, resulting in constrained liquidity. Open interest and funding rates both declined, liquidating leveraged long positions and weakening derivatives sentiment. Tensions in the Middle East triggered a flight-to-safety move; BTC fell below $62,000, and exposure to smaller coins was reduced.

According to Bikajie News, Pi Network’s price broke below the psychological $0.10 level on July 9, setting a new low. Over the past month, it has fallen cumulatively by more than 25%. Based on data from Crypto News, Pi Network (PI) traded near $0.098 during the session, facing supply pressure largely driven by mainnet migration and token unlocks. Millions of newly unlocked PI tokens entered the market, increasing tradable supply, while demand remained lackluster, leading to seller-dominated trading.

Market sentiment spilled over into the derivatives market: data shows Pi’s open interest dropped from $10.88 million to $9.75 million, leveraged long positions were liquidated, and the funding rate fell to approximately -2.15%. Geopolitical tensions in the Middle East led financial markets to adopt risk-averse behavior, causing Bitcoin to break below $62,000 and investors to cut back exposure to smaller altcoins.

Due to the limited liquidity caused by Pi Network’s closed mainnet structure, price volatility has intensified. If it fails to reclaim $0.10, it may expose downside near the channel support area, further extending the token’s record-setting decline.