Pi Network sees muted price action amid declining trading volume

The Pi Network token is showing poor momentum as its price and trading volume continue to decline.

According to data from crypto.news price tracker, Pi Network’s (PI) trading volume has dropped by over 35% in the past 24 hours, to about $46.8 million. This is a significant decrease from the over $800 million at the start of mainnet trading.

Pi is currently trading at about $0.59, 80% below its peak of $2.99. The token has dropped 11.4% over the past month, continuing a gradual decline that doesn’t appear to be stopping anytime soon. In a shorter timeframe, it has decreased 3.3% in the last week and 0.1% in the last 24 hours.

A key reason for the decline is supply pressure. According to PiScan data, the network is set to unlock 231 million new PI tokens in May and another 222 million in June. Over the next year, over 1.4 billion tokens, worth over $850 million, will enter circulation. Due to dwindling demand and fewer liquidity outlets, this supply pressure could lead to further price declines.

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Pi Network faces operational and structural issues in addition to tokenomics challenges. Delays in know-your-customer verification remain a major bottleneck, with millions of users still waiting. In an update released on May 2, verified users can now activate mainnet wallets without full migration, potentially easing some user frustration.

In terms of listing, PI is still unavailable on popular exchanges like Binance and Coinbase. Even though trading is available on OKX, Bitget, and MEXC, setbacks like BitMart’s trading pause and HTX’s delisting have undermined market confidence.

Development on the network offers a more promising outlook. By June, a full SDK release is expected, which could facilitate the development of third-party decentralized applications and boost actual on-chain activity.

On the technical side, PI is trading sideways just below the $0.60 resistance with mixed signals from momentum indicators. The relative strength index is 40.87, which suggests that the market is weak but not oversold.

PI has continuously hovered below all significant moving averages from the 10- to 50-day range, indicating that the overall trend is still downward. Right now, the 20-day simple moving average at $0.62 acts as immediate resistance.

Pi Network price analysis. Credit: crypto.news

A short-term recovery toward $0.67 is possible if the price can break above and hold the $0.62 level. However, considering the significance of impending token unlocks and the ongoing lack of institutional interest, a decline below $0.56 might cause Pi to test new lows.

Read more: Pi Network approves BANXA KYB as price continues to struggle near $0.58 support

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