As Pi Network commemorates the one-year anniversary of its Open Network launch, on-chain data reveals a significant shift in token movements. According to PiScan, centralized exchanges recorded a net outflow of approximately 305,547 PI tokens over a 24-hour period, reducing total exchange balances to around 430.1 million PI. A major contributor to this outflow was OKX, which saw over 623,000 PI leave its platform, offsetting smaller inflows on exchanges like Bitget and Gate.io.
These outflows, often interpreted as a reduction in immediate sell-side liquidity, coincide with the project's anniversary update. The Pi Core Team highlighted substantial ecosystem growth over the past year, citing expansions in KYC approvals, mainnet migrations, developer activity, and overall network participation. The team credited this progress to its global community of Pioneers, developers, businesses, and KYC validators.
However, the celebratory mood is tempered by market pressures. The PI token is currently trading near $0.162, struggling below key resistance levels between $0.18 and $0.20. The price has been in a broader downtrend since January highs near $0.21, with momentum indicators sending mixed signals. While the Balance of Power suggests some short-term buying interest, the Chaikin Money Flow remains negative, indicating broader capital outflows. Key support is seen at the $0.15 level.
Adding to the near-term uncertainty is a looming unlock of 173 million PI tokens scheduled within the next 30 days. This potential increase in circulating supply poses a significant headwind for the token's price, which is already trading below major moving averages and showing a bearish technical structure. The market now watches to see if continued exchange outflows and network growth can counterbalance the technical weakness and impending supply pressure.
