The Pi Network token is facing significant headwinds, currently priced at $0.6711 after a 6.6% drop in the last 24 hours and a cumulative 15.7% decline over the past week. Once trading near $3 in February, the coin has now lost over three-quarters of its value, with recent attempts at recovery proving short-lived.

Earlier in May, Pi experienced a sharp rally that briefly pushed it to $1.67. However, this surge was swiftly reversed, and the token is now caught between $0.688 and $0.816—a narrow consolidation zone just above a key support area.

Trade Activity Rises, But Selling Pressure Dominates

Interestingly, market activity has intensified despite the downward trend. Trading volume spiked over 42% in the last day, exceeding $158 million. However, this is largely attributed to increased selling, as more tokens are flowing into exchanges, signaling that holders may be preparing to exit.

Further complicating the outlook is the upcoming release of new tokens into circulation: 263 million in June, 233 million in July, and another 132 million in August. Unless demand picks up, this influx could place additional pressure on price stability.

Indicators Paint a Grim Technical Picture

Technical analysis suggests the downtrend remains intact. Major moving averages—10, 20, 50, and 100-day EMAs and SMAs—are all positioned above the current price, reinforcing the bearish setup. The Bollinger Bands are contracting, with Pi nearing the lower boundary, a typical marker of continued downward momentum.

Momentum tools add to the negative outlook. The MACD is bearish and below its signal line, while the awesome oscillator remains in negative territory. The RSI is weak at 43.6, and the stochastic RSI is deep in oversold territory at 2.77—yet shows no sign of a recovery pattern forming.

The average directional index (ADX) sits at 29.9, indicating that the current trend, while still strong, may be approaching a point of fatigue.

Key Zones and the Road Ahead

For sentiment to shift, Pi must reclaim and hold the $0.75-$0.78 zone. Failing that, the next key supports are at $0.60 and $0.50. With more token unlocks on the horizon and tepid demand, the path forward remains tilted to the downside.

The project continues to focus on long-term adoption, launching a $100 million fund aimed at supporting innovations in fintech, AI, gaming, and commerce. Still, without a corresponding rise in token demand, technical conditions suggest more pain could be ahead.

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