Pi Network’s token is facing renewed downward pressure as technical indicators flash warning signs and supply concerns mount. On Monday, PI struggled near $0.173, failing to build on a late-April recovery that had lifted it from recent lows. The price has been in a steady decline since its March peak around $0.30, and momentum appears to be fading, raising the possibility of a retest of the $0.15 support level.
A key factor weighing on sentiment is the upcoming release of over 174 million PI tokens, which are currently locked. As users complete migration and KYC checks, these tokens are expected to enter circulation by the end of the month. Such unlocks often lead to increased selling pressure, as early adopters and miners may look to cash out after extended lock-up periods. Unless demand picks up, the growing supply could continue to push prices lower.
Adding to the bearish case, the daily chart shows a developing bearish divergence between price and the MACD indicator. While PI has attempted short-term bounces, the MACD histogram and signal lines have been weakening, suggesting that bullish momentum is losing steam beneath the surface. Price has formed a series of lower highs, and the token is trading below the key 23.6% Fibonacci retracement level at $0.195. The Supertrend indicator has also turned bearish, with resistance now at $0.185. As long as PI stays below that level, the near-term outlook remains tilted to the downside.
If selling pressure intensifies, PI could first test support at $0.163, which corresponds to the 0% Fibonacci level. A break below that opens the door to a deeper decline toward the psychological $0.15 mark, a level that has served as support in the past. On the flip side, bulls would need to push the price back above $0.195 to invalidate the bearish setup. reclaiming that area could pave the way for a move toward the 38.2% Fibonacci level near $0.215.
Market participants are also cautious due to the limited utility and exchange availability of PI. While the project continues to develop its ecosystem and migration infrastructure, traders seem to be waiting for more concrete adoption catalysts before committing capital. Until then, the combination of technical weakness and supply overhang could keep PI under pressure.