Pi Network hits $0.35 – Can it recover after dropping 14%?

Key Points

1. PI coin's price fell by 14% in 24 hours, with a market cap of $2.72 billion and trading volume surging to $159 million.

2. Regulatory changes on August 1st and pressure from PI token unlocks (5 million tokens in circulation, 159 million more expected in 30 days) contributed to the decline.

3. Community confidence is weakening, with Pi Barter Mall expressing dissatisfaction over the lack of value guarantee for locked tokens.

4. Technical indicators show PI's price at $0.35, with a bearish Trend Strength Index (-0.8482), though a whale bought 331 million PI tokens anticipating a potential upside.