Pi Network Token Faces Declining Momentum
Pi Network’s token (PI) is experiencing a downturn. Its price adn trading volume are falling. Data from crypto.news shows that trading volume has dropped by over 35% in the past 24 hours, reaching about $46.8 million. This is a significant drop from the $800 million at the start of mainnet trading.
Currently, PI trades at around $0.59, down 80% from its peak of $2.99. Over the past month, the token has lost 11.4% of its value. In the last week, it has decreased by 3.3%, and in the past 24 hours, it has fallen by 0.1%.
A major factor behind this decline is supply pressure. PiScan data reveals that 231 million new PI tokens will unlock in May, with another 222 million in June. Over the next year, over 1.4 billion tokens, worth more than $850 million, will enter circulation. This could lead to further price drops due to low demand and limited liquidity options.
Pi Network also faces operational challenges.Delays in know-your-customer verification are a significant issue, with millions of users still waiting.However, an update on May 2 allows verified users to activate mainnet wallets without full migration, which may help ease user frustration.
PI is not listed on major exchanges like Binance and Coinbase. While it trades on OKX, Bitget, and MEXC, setbacks like BitMart’s trading pause and HTX’s delisting have hurt market confidence.
On a positive note, a full SDK release is expected by June. This could boost the progress of third-party decentralized applications and increase on-chain activity.
Technically, PI is trading just below the $0.60 resistance. The relative strength index is 40.87, indicating a weak market but not oversold.If the price breaks above and holds the $0.62 level, a short-term recovery toward $0.67 is possible. However, with upcoming token unlocks and lack of institutional interest, a decline below $0.56 could lead to new lows.
