Pi Network (PI crypto) is down -1.5% today (September 30), ahead of the Token 2049 event in Singapore, where Pi co-founder Chengdiao Fan will be giving a talk on “Crypto’s Future: From Liquidity to Utility – Web3 Pathways to Innovation.”
However, rather than the community being excited to hear the co-founders’ speech, there is a concern that a huge crash will coincide with Fan’s appearance, similar to the PI price crash seen at the Consensus 2025 conference in Toronto earlier this year.
This comes at a troubling time for holders, with PI price presently down over -30% in September, continuing its bearish downtrend that has been ongoing since its launch back in March 2025.
Meanwhile $Pi crashing like crazy. It's out of the top50 and worth less than $0.3 …
Deliver something and speaking less#pinetworkhttps://t.co/gwPExvyMbj
— pinetworkmembers (@pinetworkmember) September 30, 2025
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Pi Network Looks Set For Further Downside Ahead of Token 2049
Pi Network’s co-founder, Chengdiao Fan, will make a public appearance at the Token 2049 event in Singapore on Wednesday. Fan will give a talk on “Crypto’s Future: From Liquidity to Utility – Web3 Pathways to Innovation,” which aligns with the ongoing Pi Network Hackathon, aiming to enhance protocol development.
However, public appearances by PI co-founders have been a significant red flag in the past, as seen previously at the first-ever event visit by Pi Networks’ Head of Technology, Nicolas Kokkalis, to Consensus 2025, which took place in Toronto between May 14 and May 16.
Kokkalis’s speech at Consensus 2025 was met with a wave of selling, resulting in a 42% decline in the PI price in the week following the event. More recently, Kokkalis appeared at the Pi Network community meetup in Seoul on September 22, which resulted in a nearly 20% pullback.
With Fan coming to the Token 2049 stage on Wednesday, there are serious concerns within the community that the PI price is poised for another substantial correction. PI crypto can’t take much more downside, as the token is down 91% from its all-time high, according to CoinGecko data.
PI hit $2.78 within the first week of its token launch back in February but has since slid to $0.26, with no end seemingly in sight. Pi Network is now valued at just $ 2.1Bn, having fallen to 68th in the list of top digital assets by market cap, after a brief stint among the top 20.
PI Price Teetering on the Precipice: $0.2 or $0.3 Next?
Just one day before Token 2049 is set to kick off in Singapore, PI crypto is currently trading at around $0.2600, maintaining a brief period of stability after a 10% drop last Wednesday. A potential decline below last week’s low of $0.2565 could signal a deeper correction, as PI remains susceptible to further downside.
The Relative Strength Index (RSI) is at 29 on the 1-day chart, hovering near the oversold territory, which suggests a saturation of bearish pressure. Additionally, the Moving Average Convergence Divergence (MACD) is approaching its signal line, indicating a potential crossover that may lead to an increase in bullish momentum.
If the PI token rebounds from the support level of $0.2565, key resistance areas to watch will be the psychological level of $0.3000, followed by the overhead trendline at $0.3349.
However, whether it’s the co-founders’ appearance at Token 2049 tomorrow or another catalyst, a sell-off here could cause the PI price to lose that support level, resulting in a new all-time low. Price discovery is often a bullish tagline when a token makes an all-time high. However, a token entering price discovery on a fresh all-time low is extremely concerning.
Currently, it appears that the constant selling pressure for PI will never end, and investors will be hoping that the firm’s co-founders’ talk at Token 2049 can provide some bullish updates on the project that could help it reverse its direction heading into Q4.
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