Pi Network’s PI token has been stuck in a tight range for the past four weeks, holding close to $0.2050, a level that also matches its low from November. According to the source, the token is now down more than 90% from its highest point in 2025.
That flat price action has come with weak demand and rising supply. PI’s 24-hour trading volume has dropped to just $7 million, while the broader crypto market recorded about $60 billion over the same period. For a token with a market capitalization above $1.7 billion, that is a muted level of activity.
Low trading activity meets a steady stream of new supply
Supply pressure has not eased. The report says PI is unlocking more than 100 million tokens this month, with another 1.2 billion tokens scheduled to be unlocked over the next 12 months. If demand stays soft, that rising float can keep price action under pressure.
Whale participation has also thinned. The number of Pi Network whales has fallen to 20 from 23 earlier this year. In this case, a whale is defined as a holder with more than $10 million worth of tokens. One large holder has moved in the opposite direction, though. The biggest whale now owns more than 393 million tokens, valued at over $80 million based on the figures cited in the article.
Few catalysts have emerged in 2026
The project’s news flow has been limited. The article says the team has not released any major market-moving announcement this year. The only update mentioned came on Jan. 10, when Pi Network introduced a new developer library designed to make Pi payments easier to integrate into Pi apps.
Without fresh catalysts, price volatility has faded. On the daily chart, the Average True Range has declined, pointing to a quieter market with less short-term movement.
Bearish chart patterns keep focus on $0.1534
Technically, PI remains below both the 50-day Exponential Moving Average and the Supertrend indicator. More importantly, the token has formed a rising wedge, built by two upward-sloping trendlines that are converging, a pattern often associated with downside risk.
The report also identifies a bearish pennant. If that setup breaks lower, sellers may target the all-time low at $0.1534, which the token reached in October last year. The bearish view would be invalidated if PI moves above the $0.2250 resistance level.