Pi Network (PI) is struggling to hold its ground at the $1.67 level amid heavy selling pressure. As investors predominantly take bearish positions, the upcoming Pi Day on March 14 presents a potential opportunity for a rebound. However, technical indicators and market sentiment suggest a higher risk of further declines.

Market Pressure and Bearish Sentiment

According to TradingView data, Pi Network has faced significant downward pressure in recent weeks. Since February, the token has been caught in a persistent downtrend, leading to its current battle to sustain the $1.67 support level.

Reports from Turkish NY Radio indicate that the majority of Pi investors are taking short positions, as evidenced by the negative funding rates in the futures market. This shift suggests that traders anticipate further price drops, reflecting a lack of confidence and a generally bearish market outlook.

Adding to the uncertainty, March 14, 2025, marks a crucial deadline for Pi Network users. This is the final date for completing KYC (Know Your Customer) verification and transitioning to the mainnet. Users who fail to meet this requirement risk losing their accumulated PI balance, except for the tokens earned in the past six months. This looming deadline has negatively impacted investor sentiment.

Technical Indicators Signal Further Downside Risk

Technical analysis on TradingView reveals that the bearish trend in PI is gaining strength. The MACD (Moving Average Convergence Divergence) indicator is approaching the zero line, signaling the potential for deeper declines. If the bearish momentum continues, Pi Network may struggle to break out of its current downtrend.

Market analysts emphasize that a bullish reversal for Pi Network would require strong investor interest and favorable macroeconomic conditions. Without these factors, the token may continue to face downward pressure.

Can Pi Day Drive a Rebound?

Pi Day, celebrated on March 14, is a highly anticipated event within the Pi Network community. Increased social media engagement and community-driven enthusiasm could provide short-term support for the PI price. According to Turkish NY Radio, if the Pi Day momentum generates enough optimism, PI could break the key resistance at $1.98, potentially initiating an upward trend.

However, in a less favorable scenario, a drop below the $1.64 support level could lead to a deeper retracement toward $1.43 or lower. This could result in a prolonged consolidation phase or an extended downtrend for Pi Network.

As Pi Day approaches, all eyes are on whether community enthusiasm can counteract market pessimism or if the bearish trend will continue to dictate the price action.