Pi Network is facing renewed downside pressure after losing a critical support level, raising concerns that the token could slide toward or even below its previous all-time low.
PI broke below the $0.20 support zone on Monday after spending more than five weeks consolidating between $0.20 and $0.22. At press time, the token was trading near $0.19, putting it roughly 93.5% below its all-time high from February last year and only about 13% above its record low of $0.17, set in October.
The breakdown comes as several key metrics continue to deteriorate, weakening the case for a near-term recovery.
Trading activity dries up
One of the clearest warning signs is falling market participation. Pi Network’s daily trading volume has dropped to roughly $18.5 million, a sharp decline compared with activity levels seen shortly after launch. The slowdown suggests demand for the token has thinned considerably, leaving price more vulnerable to selling pressure.
At the same time, supply dynamics are moving in the opposite direction.
Token unlocks add inflation pressure
While demand has faded, PI’s circulating supply continues to expand. Data from PiScan shows that more than 4.6 million PI tokens are entering circulation each day. In addition, around 55.8 million tokens are scheduled to unlock by the end of this month, with over 1 billion tokens expected to be released over the next 12 months.
Without a meaningful increase in demand, these ongoing unlocks risk creating sustained inflationary pressure. The lack of major announcements or bullish developments from the Pi Network team so far in 2026 has only added to investor caution.
Whales continue to exit
On-chain data also points to declining confidence among large holders. PiScan metrics show that the number of PI whales wallets holding more than 10 million tokens has steadily decreased since the start of the year.
Whale exits often amplify downside moves, as smaller holders interpret the selling as a negative signal and rush to reduce exposure. This dynamic appears to be playing out in PI’s recent price action.
Bearish technical setup dominates
From a technical standpoint, the outlook remains weak. PI has broken down from a rising wedge pattern, a formation that frequently precedes bearish reversals. The token has also formed a double top, reinforcing the downside bias.
Compounding the issue, PI has lost its last nearby support in the $0.192–$0.196 range, leaving little technical structure to slow further declines. Momentum indicators add to the caution: the MACD continues to trend lower, while the RSI has printed a bearish divergence.
Key level to watch
With selling pressure intact and few signs of renewed demand, PI appears vulnerable to a move back toward its October low near $0.153. If that level fails to hold, the token could be on track to register a new all-time low, particularly if supply unlocks continue unchecked and sentiment remains weak.
Until trading activity improves or the project delivers a meaningful catalyst, Pi Network remains firmly in a defensive posture.
