Pi Network’s native token extended its decline for a third straight session, trading at its weakest level since February 26. The slide deepens a recovery that had peaked in March, leaving the asset down roughly half from its March highs, with little evidence yet of a sustained turnaround, according to Invezz.
On the daily chart, Pi surged to a high around $0.2975 in March as investors cheered the Kraken listing and the Pi Day event. Yet those gains proved fleeting as the market began to unwind the news. Kraken’s activity has not translated into a meaningful pickup in U.S. demand; its 24-hour volume stood at $57,000, compared with an overall 24-hour volume of about $17 million, data show.
Technical signals point to further near-term weakness. Pi has fallen below the $0.1637 support level, the lowest seen in April, and now trades beneath all major moving averages, suggesting sellers remain in control. The Relative Strength Index has continued to slide toward the oversold territory near 30, while the Average Directional Index has risen to around 16, a sign that the downtrend is gaining momentum. Taken together, the setup suggests the possibility of further declines toward the key support near $0.1300, a level that would mark roughly an 18% drop from current levels.
Key takeaways
- Price move: Pi Network has fallen for three consecutive sessions, erasing a substantial portion of its March peak.
- Catalyst: A tepid response to the Kraken listing and an overall slowdown in on-chain activity, with limited volume data signaling modest uptake.
- Key implication: Technicals point to potential further downside toward $0.13, amid ongoing questions about user adoption and competition in the smart-contract space.
What drove the move
The recent price action reflects a clash between initial enthusiasm for Pi’s initiatives and the reality of demand for the token. After the March spike driven by the Kraken listing and Pi Day celebrations, selling pressure reasserted itself as traders weighed the sustainability of any short-term leg up. In particular, the data shows that Kraken’s contribution to liquidity has been limited; the platform’s volume in the last 24 hours stood at $57,000, a fraction of the broader market’s activity, which was around $17 million in the same period.
Beyond the exchange dynamics, Pi Network’s technicals have deteriorated. The token has broken below an April low at $0.1637 and has traded below all moving averages, a configuration that typically reflects sustained bearish sentiment. The RSI’s approach to the 30 threshold and the ADX rising toward 16 reinforce the narrative of a building downside momentum. In this context, a move toward $0.1300—an approximate 18% decline from present levels—appears increasingly plausible if the current trend persists.
Market reaction
Market participants have continued to scrutinize Pi’s relationship with broader crypto activity. While the project has pursued a stream of updates intended to expand its ecosystem, traders remain skeptical about whether the network can translate the large, speculative interest into durable on-chain demand. Data cited by Invezz show a relatively modest 24-hour trading volume of about $14 million, a figure that—given a reported market capitalization above $1.7 billion—helps explain the fragile price action and the limited liquidity that can amplify moves.
On the fundamental side, Pi Network announced a notable update to its App Studio late last week. The company said it will enable vibe coders to leverage Pi’s community to build applications that can be made Pi App Studio compatible, potentially unlocking a broader set of use cases. The plan envisions tapping into a community that the project claims to exceed 60 million users; however, recent data suggest that migration to the mainnet remains well short of that figure, with fewer than 20 million users reportedly making the move, and many of those who left likely exiting the ecosystem as the price declined.
In addition, Pi has upgraded to v23, which introduces smart contracts to the platform and enables developers to build decentralized applications (dApps) in areas such as decentralized finance and real-world asset tokenization. The ambition to compete in a crowded smart-contract landscape—dominated by Ethereum, Solana, and BNB—presents a high hurdle. History shows several chains that sought to become dominant in the smart-contract space failed to gain lasting traction, a point that looms large for Pi as it pursues broader ecosystem adoption.
With demand subdued, the market is weighing whether the project’s updates translate into tangible growth or simply reflect another round of market speculation. The 24-hour volume around $14 million, combined with a market capitalization above $1.7 billion, illustrates the mismatch that often characterizes early-stage crypto networks: strong theoretical potential but fragile actual demand, especially when competing networks command deeper liquidity and more established developer ecosystems.
Bigger picture
Pi Network’s trajectory sits at the intersection of innovation, execution risk, and broader crypto market dynamics. The platform’s push to attract developers and users through App Studio enhancements and smart-contract capabilities aligns with a longer-term trend of token networks seeking practical utility beyond mere speculation. Yet the immediate price action underscores investors’ focus on near-term adoption signals and liquidity, particularly in a market environment where larger protocols continue to grab the bulk of on-chain activity.
From a macro perspective, ongoing volatility in crypto markets, shifting regulatory expectations, and evolving capital allocations among retail and institutional participants remain key drivers of price action. Pi’s ability to translate product updates into measurable user growth and transaction volumes will be critical to sustaining any recovery in the months ahead. Investors will also be watching how the ecosystem monetizes its 60-million-user potential and whether mainnet migration accelerates, providing a more meaningful foundation for future price performance.
What to watch next: upcoming updates to Pi App Studio and v23’s smart-contract capability, alongside any further progress on mainnet migration and ecosystem development. Investors will also track on-chain volume trends, liquidity on major venues, and any official commentary from Pi Network on user engagement and adoption milestones.
