From CryptoPotato · By Dimitar Dzhondzhorov
Pi Network’s native token experienced heightened volatility over the past several days, driven by excitement about an upcoming ecosystem event and broader market dynamics.
Solana’s SOL plunged 10% on a weekly basis and risks further declines, while Zcash (ZEC) lost its prestigious spot among the ten largest cryptocurrencies.
PI’s Roller Coaster
The token has been in a steep downfall over the last few months, and its condition worsened at the start of November, when it tumbled to a new all-time low of around $0.063.
Earlier this week, the higher-than-expected inflation in the US poured another cold shower on the cryptocurrency market, but instead of following the red wave, PI surprisingly headed north and exceeded $0.07. X account BSCN said the ascent appeared technical as the token emerged from an oversold situation, along with a small increase in open interest for derivatives contracts.
The team also focused on the upcoming Ecosystem Summit, which may have sparked enthusiasm across the community. The three-day online event is set for November 17-19 and will feature platform updates, developer-tool demonstrations, app showcases, and discussions between devs and the Core Team.
The resurgence was short-lived, and PI plunged below $0.07 again. As of press time, its market capitalization stands at roughly $790 million, making it the 82nd-biggest cryptocurrency.
More Problems for SOL?
Solana’s native cryptocurrency is down 25% for the month and is currently trading near $80. Numerous market participants have analyzed its performance lately, with X user Mookie saying the price is nearing “a big test” at $78. In their view, holding this level could trigger “a good bounce,” yet losing it might result in a crash to as low as $63.
Meanwhile, the lack of institutional demand supports the bearish scenario. Spot SOL ETFs have been bleeding heavily in the past several weeks, with the last day inflows exceeded outflows being October 21.
Of course, not everyone is pessimistic, as some analysts view the current conditions as a perfect buying opportunity. ZAYRO ₿, for instance, argued that SOL is nearing the end of its “manipulation” phase and is about to enter the distribution zone, where a major pump is expected. The analyst thinks “everybody will be crying about not buying” now, adding that Solana at these prices is “practically free money.”
ZEC’s Slump
The popular privacy coin is among the worst-hit cryptocurrencies after the latest correction, with its price nosediving 25% in the last week. Just a few days ago, it fell below $1,000 for the first time since the start of September and is currently worth $950 (per CoinGecko).
X user Altcoin Sherpa believes the ultimate bottom could arrive at the $800-$900 range, while Crypto Patel projected a potential collapse to the $200-$500 zone.