Pi Network (PI) Hit by Volatility, Solana (SOL) Braces for Additional Sell-off: Bits Recap Nov 13
Pi Network’s token crashed to a new all-time low of around $0.063 in early November, while Solana’s SOL plunged 10% over the past week and risks further declines. Zcash (ZEC) also lost its spot among the ten largest cryptocurrencies.
Pi Network’s native 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.
The token’s resurgence was short-lived, however, as it plunged below $0.07 again. As of press time, its market capitalization stands at roughly $790 million, making it the 82nd-biggest cryptocurrency.
The team 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 ascent appeared technical as the token emerged from an oversold situation, along with a small increase in open interest for derivatives contracts.
Solana Faces Bearish Pressure
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. The lack of institutional demand supports the bearish scenario, as Spot SOL ETFs have been bleeding heavily in the past several weeks.
Of course, not everyone is pessimistic, as some analysts view the current conditions as a perfect buying opportunity. ZAYRO ₿ 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.'
Zcash Slides and Whale Loses Millions
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.
Lookonchain recently revealed that a mysterious whale who previously opened a 10x long on 18,000 ZEC ($17.63 million) suffered a major loss of over $2.8 million (at least on paper). The entity also disclosed that the trader would be fully liquidated if ZEC collapses to around $895 (as it briefly did), unless they provide additional collateral to keep the position open.
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