PI is still trading close to $0.15. On May 20, the token changed hands at $0.150667 with $13.96 million in 24-hour volume, according to crypto.news market data. During the same session, it moved between $0.146809 and $0.151711, a tight range that showed price stability on the surface but little sign of real strength.
The broader trend remains soft. PI is down 12.38% over seven days and 12.54% over the past month. It also sits roughly 95% below its all-time high of $2.99, recorded on Feb. 26, 2025. Those figures show that buyers have not yet regained control, even with occasional intraday rebounds.
Most major Mainnet nodes have upgraded, but v23 is still pending
Pi Core Team said most major Mainnet nodes have already moved to v23, while the protocol itself is expected to transition soon. The team described this as one of the project’s hardest upgrades because it involved several infrastructure changes, including Protocol 22 to 23, Ubuntu 20 to 24, and PostgreSQL 12 to 16.
That gives the project a visible technical trigger. Price action has not responded in the same way. PI remains pinned near the $0.15 area, suggesting traders are paying more attention to supply expansion and limited liquidity than to the upgrade process.
Pi Network is also promoting Pi App Studio as part of its ecosystem plan. The update allows creators using external AI coding tools to connect apps to the Pi ecosystem, which the project says has more than 60 million engaged users. Even so, the ecosystem message has not translated into a stronger token price so far.
195.65 million PI are scheduled to unlock in 30 days
The near-term supply calendar remains a major overhang. Market coverage cited in the report said about 195.65 million PI are scheduled to unlock over the next 30 days. That equals roughly 3.17% of locked supply, with an average of about 6.52 million PI entering circulation each day.
The biggest single-day release is expected on May 27, when more than 18.22 million PI could become available. At current prices, the full 30-day unlock wave is valued at about $29.3 million. For an asset with thinner liquidity, that supply event carries weight.
The report also noted that PI is still not listed on Binance or Coinbase. That limits the market’s capacity to absorb heavy selling. Early users accumulated PI through mobile mining over several years, and as more tokens complete migration and become transferable, some holders may choose to sell, keeping pressure on the market.
$0.17 stands out as the first recovery level
On the daily chart, PI is trading close to its lower Bollinger Band. The lower band is near $0.1494, the middle band is at $0.1702, and the upper band sits around $0.1911. If buyers can defend the $0.1468 to $0.1494 area, the token could attempt a rebound toward $0.1702.
That level is the first one traders are likely to watch closely. A move above $0.1702 would point to improving short-term momentum, and after that the market may turn to $0.1911 and the wider $0.19 to $0.20 zone, where previous rallies lost strength.
If PI fails to hold $0.15, attention may shift to the $0.13 area. The report also pointed to $0.1297 as a deeper support zone near Pi Network’s all-time low region. MACD remains negative, with the MACD line below the signal line and the histogram still under zero, indicating that sellers continue to control short-term momentum.
For now, PI is stuck between progress on v23 and the weight of upcoming unlocks. The protocol move is getting closer, but the chart still leaves $0.17 as the key level the market wants to see reclaimed.