The Pi Network token, PI, traded near $0.34 after minuscule intraday gains, but the move masked deeper problems. Exchange liquidity has weakened, network activity has slipped, and looming unlocks have threatened to add pressure.
Data from major exchanges has showed thinning volumes. The recent updates would likely make it difficult for PI coin price to paint a recovery. A fresh unlock schedule points to heavy token releases in the coming weeks. Together, the signals have painted a picture of a network still struggling to find real traction, even as its supply pipeline has continued to swell.
Community Discontent and Unlock Pressure Intensify Pi’s Struggles
Criticism of Pi Network has grown louder after a post from an X-based Pi user, Dr. Pi. He has highlighted the project’s structural weaknesses. Dr. Pi has noted that both the testnet and the mainnet have carried almost no transactions. This is a sharp contrast to the activity promised before the open mainnet launch. Blocks that once processed dozens of transactions now show near-zero usage.
Dr. Pi’s comments have captured the frustration of developers and users who had waited years for clarity. Many projects have remained locked out of the mainnet, and pioneers have still faced uncertainty about KYC approvals and migration schedules. The absence of a public roadmap has only deepened concerns.
Low Activity Leaves Pi Hollow
The significance of these observations has extended beyond community chatter. Sparse block activity has underscored the absence of real adoption. Migration transfers have continued to dominate the little activity that existed, leaving the ecosystem hollow. For many developers, years of delay have meant fading interest in building around Pi. For token holders, the lack of progress has translated into declining confidence and weaker engagement.
At the same time, a new unlock schedule has threatened to intensify those challenges. More than 143 million PI were set to unlock over the next month. This represents nearly three percent of the locked supply, with an average of 4.7 million tokens entering circulation daily.
Sept. 21 alone would see over 13 million tokens unlocked, the largest single-day release. These inflows would landed in a market already struggling with thinning liquidity. Exchange volumes have failed to show signs of recovery, raising the risk that a fresh supply would overwhelm demand.
Together, the warnings and the unlock calendar have painted a troubling picture. Pi Network’s ecosystem has remained stagnant, while supply pressures have threatened to erode its already fragile market standing.
Hopium Projections Clash With Pi Coin’s Bearish Chart Structure
Hopium-induced optimism around Pi Coin continues to float on social media, with several posts predicting a parabolic breakout.
One analyst claims the token will rally in the coming days, projecting sharp upside moves. The sentiment appeals to holders searching for signs of recovery. Yet, the chart structure contradicts the claims and shows Pi still trapped under heavy resistance.
Pi Coin is trading near $0.34 and has failed to break out of its narrow range.
The price remains capped below the immediate resistance near $0.37. Flipping this level would help the PI USD pair target the resistance near $0.41. Bears maintain control as long as the token stays under these levels.
Technical indicators also underscore the weakness. The 20-day EMA (red) hovers above spot levels, acting as dynamic resistance. A downtrend from here could see the Pi Network coin drop to support near $0.32. Breaching the immediate support might force the PI coin price to test support near $0.292.
In addition, the RSI sat below 50, reflecting subdued momentum and a lack of conviction from buyers. Trading volumes also remain muted, showing limited participation even during minor rebounds.
Overall, the broader structure places Pi in a prolonged downtrend with little evidence of reversal. In fact, every attempt to scale resistance had stalled in recent months. Breakout predictions certainly appear detached from market reality without a sustained close above key levels.