Cryptocurrencies Price Prediction: Pi Network, Ripple & Solana – European Wrap 9th November

Pi Network Price Forecast: PI hits record low as bearish pressure overwhelms rebound hopes

Pi Network (PI) is trading at a record low, with over 5% losses so far on Monday, following the previous day’s 6% decline. The PI token's retail appeal also takes a hit, with its Open Interest down by over 20% in a week, indicating a large-scale unwinding of active positions. The technical outlook for PI is bearish as the downside momentum persists despite oversold conditions. 

Pi Network is losing retail support as broader crypto market sentiment falters amid uncertainty following the US midterm results. Blockworks data shows that the PI Open Interest (OI) has dropped to $6.57 million on Monday, from $8.54 million last week, indicating a 23% decline in the notional value of active positions. Typically, the decline in OI and spot price indicates a firm sell-side bias with a risk-off sentiment amid forced liquidation. 

Ripple Price Forecast: XRP risks further losses as bears eye $1

Ripple (XRP) extends its decline, trading below $1.09 on Monday after falling more than 10% last week. Weakening institutional demand adds downside pressure, as XRP spot Exchange-Traded Funds (ETFs) recorded $529,510 in net outflows last week, ending a two-week streak of inflows. Meanwhile, deteriorating metrics and an unfavorable macroeconomic backdrop continue to limit XRP’s recovery prospects, with bears increasingly eyeing the psychological $1 level.

Institutional demand for XRP cooled last week. SoSoValue data shows XRP spot ETFs recorded net outflows of $529,510 last week, ending a two-week run of net inflows. If this outflow trend continues and intensifies throughout this week, it could put additional pressure on XRP, pushing its price into a deeper correction.

Solana Price Forecast: Persistent ETF outflows extend downside risk in SOL

Solana (SOL) trades below $90 on Monday, ticking higher after over 3% losses below a long-term support trendline the previous day. SOL has been steadily declining over the last five weeks, aligning with five straight weekly outflows from Solana-focused Exchange-Traded Funds (ETFs) totaling over $150 million. Solana is also losing retail strength, as steady positional unwinding has dropped Open Interest to a two-month low, while a negative funding rate reaffirms a persistent sell-side bias.

Technically, Solana faces a downside risk to $77 as selling pressure persists. Multiple bearish signals suggest further downside risk in Solana, including ETF outflows and declining Open Interest (OI).