Pi Network’s native Pi token has spent roughly two weeks trading in a narrow range, with the price hovering around $0.1750 and sentiment showing waning demand and thinner liquidity. The slide comes after the token tumbled more than 90% from its all-time high, leaving it about 40% below its year-to-date peak. Technicals point to further pressure as a head-and-shoulders pattern forms and the asset struggles to attract sustained buying interest.
Data shows a sharp pullback in activity. CoinMarketCap tracked a 24-hour trading volume of about $18 million on Thursday, well off the roughly $90 million seen in March. The bulk of trading activity remains concentrated on OKX, which handled Pi tokens worth more than $5.4 million, with additional flows on Bitget, Gate, and MEXC. Kraken, which listed Pi in March, has yet to gain material traction. The broader liquidity picture underscores the challenge: demand is fading even as supply ramps up in the coming months.
Key takeaways
- Price move: Pi trades near $0.1750, down about 40% year-to-date and more than 90% below its all-time high.
- Catalyst: Dwindling demand paired with upcoming token unlocks—over 200 million Pi this month and 1.6 billion Pi over the next 12 months—amplifies supply risk; Kraken listing earlier this year has yet to unlock meaningful liquidity. The network’s upgrade plans and roadmap are signaling longer-term utility, but near-term price action remains soft.
- Key implication: The chart remains bearish in the near term, with a potential move toward the 0.1500 level if the pattern confirms a breakdown.
- Market context: The broader crypto scene shows caution as major assets trade within tight ranges and macro headlines persist, including geopolitical tensions that have kept risk sentiment fragile.
What drove the move
The ongoing consolidation in Pi’s price sits against a backdrop of thinning demand and rising supply. On-chain and exchange data show a notable drop in activity: volume has retreated sharply from March’s highs to a current pace that signals caution among buyers and sellers alike. The largest concentration of activity remains on OKX, with other venues like Bitget, Gate, and MEXC contributing smaller slices of liquidity. Kraken’s listing in March did not translate into sustained market participation, suggesting that initial enthusiasm has cooled and traders are waiting for clearer catalysts.
Meanwhile, the supply picture has changed meaningfully. Market data indicate that Pi is set to unlock more than 200 million tokens this month and as much as 1.6 billion tokens over the next 12 months. Such unlocks typically weigh on price as new supply enters the market, especially when demand is soft. In this environment, even a vault of investor interest—such as the top holder—appears to have cooled: data show that the largest Pi holder has not made a purchase in 11 days, reducing the likelihood of near-term demand surges from large investors.
In broader crypto terms, Pi’s price action mirrors the general mood in the market. Bitcoin has remained confined within a range, roughly between $65,000 and $70,000 in recent weeks, while Ethereum continues to hover near the $2,000 level as traders weigh macro risks and policy signals. There are also signs of a cautious mood linked to geopolitical tensions, which have historically weighed on risk assets, including lesser-known tokens with softer liquidity profiles like Pi.
Pi Core Team is working on major initiatives
On the development front, Pi Network’s core team is pursuing substantive upgrades designed to broaden the network’s utility and appeal. The most notable milestone is a network upgrade to Version 23 of the Stellar Consensus Protocol, a move that introduces smart contracts to the Pi ecosystem and opens doors to decentralized finance (DeFi) and real-world asset tokenization (RWA).
The project has disclosed progress toward enabling smart contracts via an RPC (Remote Procedure Call) server, a critical step toward practical DApps. The RPC server is described as a key infrastructure piece for developers to build and deploy applications on Pi. This comes as Pi launched a token launchpad, serving as the foundation for future decentralized exchange (DEX) and automated market maker (AMM) features that could unlock new liquidity channels for Pi users.
Beyond that, the team outlined a second migration to the mainnet, intended to allow verified pioneers to move their tokens into the broader ecosystem and participate more fully in Pi’s evolving economy. Separately, Pi is pursuing a KYC-as-a-Service feature, aiming to position the project as a competitor in the identity and compliance space alongside players such as Humanity Protocol and Worldcoin.
In short, the roadmap signals a longer-horizon strategy to add utility and on-chain capabilities, even as near-term price action remains under pressure. The combination of smart contracts, a launchpad, and promised cross-cutting services could help Pi attract developers and users once liquidity and day-to-day activity pick up. The question for investors remains timing—whether the upgrade and new features will catalyze a sustained re-rating or whether price will continue to follow the broader crypto mood until liquidity improves.
Bigger picture
Techically, Pi’s near-term setup looks fragile. An eight-hour chart shows a pullback from a March-end high of about $0.2978 to around $0.1740, with the token slipping below the 50-period and 100-period moving averages. The Relative Strength Index has trended lower, and Pi has traded under the 61.8% Fibonacci retracement level, all of which are consistent with a continued bearish tilt and a potential break toward the next support near $0.1500—roughly 15% below current levels.
Investors’ interpretation of Pi’s path hinges on several moving parts. First, the pace and size of token unlocks will directly affect supply dynamics over the next year. Second, the progress and adoption of the Version 23 upgrade, the RPC server, and the launchpad will be critical to establishing real on-chain use cases for Pi. Third, the relative attractiveness of Pi’s roadmap versus other crypto projects with more mature ecosystems will shape the risk-reward calculus for holders and potential entrants.
For now, market participants should monitor the evolving liquidity landscape and the pace at which the Pi Core Team delivers on its roadmap. The immediate price narrative remains tethered to supply shocks and the ability of Pi to translate its technical upgrades into tangible user activity and developer interest.
As a point of reference for ongoing coverage, a reader note from Invezz captured the recent sentiment around Pi, underscoring the risk that the rally narrative may be tested by the unfolding supply dynamics. See the discussion here: Pi Network price forms an alarming pattern as demand wanes.
What to watch next: liquidity shifts as unlocks proceed, the rollout and uptake of smart-contract functionality via Version 23, the token launchpad’s progress, and the pace of mainnet migration. Investors should also monitor overarching crypto market conditions—especially the appetite for risk assets in a muted macro backdrop—and how those forces interact with Pi’s unique development trajectory.
Data and analysis in this piece draw on CoinMarketCap data for trading volumes and on-chain indicators, and reflect the Pi Core Team’s public roadmap and communications. The market has not incorporated a sustained liquidity boost yet, leaving Pi exposed to the next wave of supply and the timing of utility-driven demand.
