Crypto Markets in Freefall: Solana Flashes Bearish Signals While Pi Network Hits Rock Bottom
Crypto spent the weekend doing what it does best. In a risk scare. Falling quickly. Additionally, loudly. Furthermore, in clusters. Solana, the market’s blue chip beta trade, has slipped into something. A technical mess. Meanwhile, Pi Network has rolled over. Into fresh record lows. With token unlocks looming. Like a calendar full of bad news.
However, the striking bit is the split. Between charts. Additionally, chain data. Solana’s network still hums. Yet its price looks like something. Like it is trying to forget that fact.
Solana’s Chart Breaks Down, Even as the Chain Keeps Working
Solana changed hands around $104-$115 this weekend. Roughly 10% lower. On the week. Momentum screens look washed out. The 14-day RSI sat near 28. While the market mood gauge most traders watch showed 14. Deep in “extreme fear.”
Technical Structure Deteriorates
Technicians, however, care less about fear. Than shape. A double top near $250-$295 hangs over the chart. If that pattern completes? It points to something. A long, ugly retracement. With some mapping a slide. Towards $40-$50. Meanwhile, short-term trend measures lean bearish. Additionally, medium-term measures do too. Several exponential averages continue to roll over. From fast to slow. And sit above spot. So rallies tend to hit resistance quickly.
Yet the on-chain picture refuses to match the panic. Solana continues to generate revenue. Developers keep shipping. And usage metrics remain lively. Therefore, many desks now frame the drop differently. As forced selling. Additionally, macro de-risking. Not a referendum on the protocol.
Key Levels to Watch
Near term, traders are watching $115-$120. As an early February battleground. If sellers break that area cleanly? The next air pocket sits lower. With bearish roadmaps pointing at $76-$80. About 27% beneath the weekend range.
Conversely, a bounce can happen. At any time. In crypto. Still, bulls likely need $130+. Additionally, a move back through key moving averages. To change the tone.
Pi Network Hits a New Low, With Supply Ready to Flood In
Pi Network’s decline looks different. Less like a wobble. Rather, more like capitulation. The token printed something. A fresh all-time low. Near $0.1450. On 31 January. It now sits about 94.5% below its $2.98 peak. From February 2025.
Liquidity Crisis Deepens
Liquidity has thinned. Daily volume has slipped under $10 million. Which makes every sell wave feel heavier. Meanwhile, the supply schedule reads like something. A stress test. About 133 million tokens are set to unlock. In February. With roughly 1.3 billion more expected. Over the next year. That drip becomes a dump. When holders lose patience.
Exchange flows suggest they have. Pi deposits reportedly spiked. With about 1.33 million tokens moved. To centralized venues. In a day. One exchange matters. OKX. It accounted for roughly 1.12 million. Of that.
The daily RSI sits near 22. Flags oversold conditions. However, oversold is not a floor. It can also be something else. The start of a weak bounce. That invites another round of selling.
Critical Price Levels
As for levels? $0.15 is the psychological line in the sand. Any rebound into $0.18-$0.20 may attract sellers. Looking to exit into strength. Especially with unlocks close.
Liquidations and Geopolitics Add Fuel to the Slope
Across the market, leverage got punished. Liquidations reached about $1.6 billion. As crowded positions failed. At the same time. Meanwhile, Bitcoin retreated below $77,000. And risk appetite faded. With spot Bitcoin ETFs logging something. A fourth straight session. Of outflows.
Geopolitical Pressures Mount
Geopolitics also tightened the knot. Tensions between the US. Additionally, Iran rose. With talk of military action. Lifting tail risk. Therefore, traders pushed into a defensive stance. And crypto? Still treated as high beta risk. Took the first hit.
Regulators added their own chill. The US Justice Department finalized something. The seizure of about $400 million. Linked to the Helix mixer. Meanwhile, the SEC. Additionally, CFTC restarted something. A joint “Project Crypto” effort. Which traders read as a sign. That scrutiny on platforms could intensify.
By the Numbers
Solana: $104-$115 weekend range. Roughly 10% down on the week
Solana RSI: About 28 (14-day)
Pi: $0.1450 low on 31 January. About 94.5% below $2.98 peak
Pi unlocks: 133M tokens in February. About 1.3BN over 12 months
Liquidations: About $1.6BN across crypto
Key Takeaways for Traders
Solana bounces can come fast. However, rallies into $120-$130 may meet sellers. Until the trend flips.
Watch $115-$120 on SOL. A decisive break could pull price. Towards the $70s quickly.
Pi’s unlock calendar matters more than oversold indicators right now. Supply is a gravity well.
Thin volume in Pi raises gap risk. Therefore, position sizing matters more. Than conviction.
If geopolitics de-escalate, crypto can snap back. Yet, without inflows? Rebounds may fade.
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