Pi Network's native token, PI, has dropped below the $0.09 mark again after declining more than 10% over the past 24 hours. The slide erased most of the gains from the token's recent rebound and renewed concerns about its ability to hold above recent lows, according to data from CoinGecko.

At the time of writing, PI is trading near $0.082 — well below the level many traders had been watching as an indicator of a stronger recovery. Pi Network, a project that enables users to mine tokens via mobile devices rather than traditional mining hardware, launched its Open Mainnet earlier in 2026, making PI tradable on external exchanges for the first time after years of an enclosed mainnet phase.

Recovery Stalls Below Key Resistance

The latest pullback comes after PI briefly recovered from its all-time low near $0.07 earlier in July 2026. The token rallied approximately 20% and approached the $0.10 level, but buying momentum faded before it could break above that resistance. Sellers have since regained control, pushing the price back toward the lower end of its recent trading range.

PI had attracted attention during its rebound, briefly becoming one of the stronger daily performers. However, the recovery stalled once the token failed to clear $0.10. Following that rejection, PI gradually lost upward momentum. It managed to hold above $0.09 for several days before another wave of selling pressure forced it lower.

A Repeated Pattern of Failed Bounces

The recent decline follows a pattern that has emerged repeatedly over the past year. Pi Network's price has frequently traded within a stable range for weeks before falling to new record lows. While those drops were typically followed by sharp rebounds, none of the recoveries managed to hold.

Each bounce has ended with a rejection near resistance, ultimately leading to fresh lows. The latest price action mirrors this sequence. Unless PI establishes a firmer support base and attracts sustained buying activity, the market may continue along the same trajectory.

The Pi Network project has continued releasing updates, including protocol improvements and product changes. However, those announcements have not translated into lasting price support. Meanwhile, ongoing daily token unlocks have continued adding supply to the market — a dynamic familiar across the broader crypto sector, where scheduled release schedules for previously locked tokens regularly introduce inflationary pressure that can weigh on prices.

$0.07 Support and Market Cap Decline in Focus

Technical traders are monitoring two critical price levels. On the upside, $0.10 remains the primary resistance barrier that must be cleared before any broader recovery can take shape. A decisive move above that level could strengthen buying interest.

On the downside, the all-time low near $0.07 serves as the closest major support. If that level fails to hold, PI would enter price discovery territory with no historical support beneath its current range.

The token has also slipped in market capitalization rankings, falling from the top 50 to outside the top 70 within a matter of weeks — a decline that raises the possibility of further downside if selling pressure persists. The drop in ranking reflects not only PI's own depreciation but also the relative outperformance of other large-cap digital assets during the same period, making a recovery in standing more difficult without a significant shift in demand.