Pi Network Token May Rally 75% If Key Support Holds

Pi Network’s PI token has experienced a dramatic decline over recent months, with its price currently sitting at $0.21 according to CoinGecko data. This represents a staggering 92% drop from the all-time high of $3 reached in February, mirroring the broader cryptocurrency market downturn. However, some technical analysts are detecting early signs of potential recovery despite the persistent bearish trend.

X user Marzell has identified what he describes as encouraging signals in PI’s current trading pattern. The analyst noted that PI “is holding firm above the $0.21 support, showing clear signs of accumulation.” According to Marzell’s analysis, a decisive break above the $0.26 resistance level could trigger a significant upward move, potentially pushing the token toward $0.37 – a price level last observed in late September. This projected movement would represent approximately a 75% increase from current levels.

Another analyst, PiNetwork DEX, has expressed a similar bullish outlook, observing that PI has stabilized within the $0.20 to $0.22 range and could be positioned for a move toward $0.29. Both analysts point to the current support level as critical for maintaining any potential recovery momentum, suggesting that sustained holding above $0.21 indicates underlying strength despite the token’s prolonged decline.

Despite the optimistic technical analysis, substantial bearish factors threaten to undermine any potential recovery. The most immediate concern involves scheduled token unlocks that could flood the market with additional supply. Data from piscan.io reveals that over 150 million PI tokens are scheduled for release within the next 30 days, providing long-term holders with their first opportunity to sell coins they’ve been waiting to access.

Compounding the supply pressure, approximately 424 million PI tokens remain stored on centralized cryptocurrency exchanges, with more than half of this amount located specifically on Gate.io. This substantial exchange-held inventory represents potential selling pressure that could materialize at any price recovery, effectively capping upward momentum. The combination of imminent token unlocks and existing exchange reserves creates a challenging environment for sustained price appreciation.

PI’s price collapse has occurred despite several positive developments within the Pi Network ecosystem. In late October, Pi Network Ventures made its first investment in the artificial intelligence sector, collaborating with OpenMind, a company developing what it describes as “an operating system for robots to think, learn, and work together – like Android for robots.” This strategic move represents the ecosystem’s expansion beyond its core cryptocurrency focus.

Perhaps more significantly, Pi Network recently surpassed the milestone of 100 million application downloads, substantially outpacing established industry leaders. For context, Coinbase’s application has approximately 50 million downloads, while Crypto.com’s app trails with around 10 million downloads. This adoption metric suggests substantial user interest in the Pi Network platform, despite the token’s price struggles.

Further development activity includes the recent upgrade of Pi Node to version 0.5.4, which aims to improve accessibility, reliability, and address issues raised by the community of Pioneers. These ongoing technical improvements demonstrate continued project development even as the token price faces significant headwinds from market forces and tokenomics.