Pi Network's (PI) token is experiencing persistent downward momentum, with its price and trading volume continuing to fall. Recent data show trading volume has dropped by more than 35% in 24 hours to around $46.8 million, a sharp contrast to over $800 million at the mainnet launch.
The token currently trades at about $0.59, approximately 80% below its peak of $2.99. In the past month, PI has declined 11.4%, with losses of 3.3% in the past week and 0.1% in the last 24 hours.
Major contributing factors include supply pressure: over 230 million new PI tokens are expected to unlock in May and another 222 million in June; more than 1.4 billion tokens may enter circulation over the next year. With weakening demand and few liquidity venues, these factors threaten further price drops.
Operational and structural challenges persist, notably ongoing delays in KYC verification, leaving millions of users waiting. A recent update on May 2 allows verified users to activate mainnet wallets without full migration, giving partial relief. Still, PI remains unlisted on major exchanges like Binance and Coinbase, with some platforms such as BitMart and HTX pausing or delisting trading, resulting in deteriorated market confidence.
Looking ahead, the scheduled release of the network's full SDK in June may foster new decentralized applications and increase on-chain activity. However, technically, PI continues to trade below significant moving averages, with resistance at $0.62 and a relative strength index of 40.87—signaling a weak but not oversold market. If PI fails to hold key support at $0.56, new lows could be tested despite a possible short-term rebound if resistance is overcome.