Pi Network has experienced a significant drop in value over the last week, despite the overall crypto market showing signs of recovery. The altcoin's market cap has fallen to $4.1 billion, with intense selling pressure on the PI token.

There are concerns that the token may reach its all-time low of approximately $0.40 due to the increasing bearish pressure. Despite some positive movements in the market, investor sentiment towards PI remains low. Technical indicators, such as the Relative Strength Index (RSI) and on-balance volume (OBV), suggest that the price decline may continue.

The RSI is currently trending downwards at 39.78, indicating weakening momentum and suggesting the potential for further selling pressure. The OBV has also decreased, indicating reduced buying interest and falling accumulation. A negative trend in the Chaikin Money Flow (CMF) further supports the bearish outlook for PI.

If the current selling pressure persists, PI could potentially retest its lowest value of $0.40. However, a positive trend reversal could lead to a price increase to $1.01.