Pi Network's native token, PI, has declined more sharply than much of the broader cryptocurrency market over the past 24 hours, slipping below $0.09 after a recent rebound from all-time lows began to fade.

The move has renewed attention on PI's price structure after the token briefly staged a notable recovery from its latest record low. The reversal has raised questions about whether the asset could be heading toward another lower low if current support levels fail to hold.

Another Failed Breakout Attempt

July has been a difficult month for the popular but controversial token. PI recorded several consecutive all-time lows during the period, particularly after it fell below the closely watched $0.10 support level. Its most recent record low came in the middle of the month, when the token dropped to just above $0.07.

That area appeared to provide temporary support, allowing the asset to rebound over the following days. At one point, PI was among the strongest performers in the market, rising by 20% and moving back toward the same $0.10 level, this time from below.

The attempt to reclaim $0.10 failed after several hours of pressure at that level. PI then gradually lost momentum in the following days, although it managed to stay above $0.09 for much of that period. A fresh decline has now emerged over the past 24 hours, with the token falling by more than 10% to trade at around $0.082.

The pattern resembles prior phases in PI's trading history. The token has repeatedly remained relatively stable for several months, then fallen sharply to new record lows, rebounded by double digits within days, and later faced rejection before moving to another lower low. This cycle has been observed for more than a year and has often resulted in new all-time lows.

PI has been trading on exchanges since the project's open mainnet launch in February 2025, when the token debuted at significantly higher levels before entering a prolonged downtrend. The project itself dates back to 2019 and amassed tens of millions of mobile users who mined PI via the app over several years before the token became tradable.

Core Issues Remain in Focus

The underlying issues around the project have not changed significantly. The Core Team has continued to announce new updates, protocol upgrades, product redesigns, and other developments, but their impact on price has tended to be short-lived. Market participants appear to have lost confidence, while daily token unlocks—part of the schedule that gradually releases mined PI into circulating supply—have also remained a pressure point.

From a technical standpoint, $0.10 remains the key level PI would need to reclaim before any more meaningful recovery could develop. If the token fails to regain that level soon, its position could deteriorate quickly, as has happened several times over the past year. A break below the $0.07 all-time-low support would put PI into another phase of price discovery, with no historical support levels beneath it.

Such a move could also increase the risk of PI dropping out of the top 100 alternative cryptocurrencies by market capitalization. The token has already fallen in those rankings from the top 50 to outside the top 70 within just a few weeks.