Pi Network’s native token, PI, has declined 6% over the past week to trade near $0.19, after reaching a five-month high of nearly $0.30 in mid-March. Mixed technical and on-chain signals present conflicting outlooks, with the token entering oversold territory but facing potential headwinds from increasing exchange reserves and scheduled token unlocks.
The Pi Network token has faced selling pressure following its recent peak, with its price currently around $0.19 according to CoinGecko. This represents a 6% weekly decline after the asset rallied to almost $0.30 in mid-March, driven by protocol updates, community events, and its listing on Kraken.
Technical analysis suggests a potential for a short-term rebound. The token’s Relative Strength Index stands near 31, indicating oversold conditions that can precede a recovery. Furthermore, CoinMarketCap data shows Pi currently ranks as the cryptocurrency with the second-most bullish community sentiment, trailing only Kaspa (KAS).
However, on-chain metrics paint a more cautious picture. Data reveals that the amount of PI held on exchanges has increased by over 2 million tokens in the last 24 hours, reaching nearly 473 million. The majority of these tokens are held on Gate.io and Bitget, a movement often seen as preparation for selling.
Additionally, the project faces significant token unlock events in the coming weeks. Scheduled unlocks total 154.2 million PI over the next 30 days, averaging 5.1 million new tokens entering circulation daily. This increased supply could exert additional downward pressure on the price.
