Pi Network’s PI Token Faces Bearish Pressure as Technical Indicators Signal Further Decline

Pi Coin (PI) continues its downward trend, dropping 6% in the last 24 hours to $0.6894. The token has lost 15% of its value over the past week, with technical indicators pointing to potential further declines.

Since its peak NEAR $3 in February, PI has struggled to maintain momentum, now trading 75% below that level. A brief rally in early May saw prices jump nearly 200% to $1.67, but persistent selling pressure has nearly erased those gains.

Market activity shows mixed signals: trading volume ROSE 42% to $158 million despite the price drop, while on-chain data indicates increasing exchange inflows, suggesting more selling may be coming. The token also faces challenges with 263 million PI set to unlock in June.

Technically, Pi looks weak, trading below all major moving averages and near the lower Bollinger Band. Tightening volatility bands hint at possible significant price movement as the market anticipates the upcoming token unlocks.