Pi Network dumps hard, will PI recover? A deep dive

Pi Network rallied nearly 300% between April and May 2025. The token is now trading close to its all-time low, with PI changing hands at $0.4158 on Thursday. With the token in free fall, traders are likely rotating capital to other altcoins while waiting for the next altcoin season rally. The token’s July unlock has contributed to rising selling pressure, and the likelihood of recovery remains low.

PI Network price analysis

PI token rallied 300% in a single month between April and May 2025. Since then, the altcoin has faced rising selling pressure and slipped to a low of $0.4158 on Thursday, close to the all-time low of $0.4000.

The $0.4000 is a key support for PI token and a drop to this level could result in a sweep of liquidity before an attempt at the token’s recovery. Technical indicators on the PI/USDT daily price chart are bearish, RSI reads 34 and could drop lower, close to the “oversold” region at 30. 

The MACD is flashing consecutively shorter green histogram bars, signaling that the positive momentum underlying PI’s trend is fading. Sidelined traders should monitor RSI and MACD for signs of a potential trend reversal.

The two key support levels for PI are S1 at $0.2500 and S2 at $0.1000, the lowest price recorded on the day PI was first listed on the OKX exchange.

If PI Network’s token recovers, it could re-test resistance at $1.0350, the 50% Fibonacci retracement of the decline from the May 2025 high to the June 2025 low.

Catalysts for PI in 2025 

PI token’s debut on OKX, Bitget, Gate.io among others, was considered a bullish sign for the altcoin’s adoption. However, profit-taking by early adopters has likely ushered a steep correction in the token. 

The PI blockchain supports over 70 applications and the app has users across 155 countries, marking millions of active users every month. The utility of the token is the single largest catalyst that drove PI token’s price higher between April and May 2025. 

While many altcoins rallied in correlation with Bitcoin, PI token’s gains were tied to its high utility, which outpaces most altcoins in the top 100 by market capitalization.

Even at Thursday’s low, PI Network’s market capitalization is over $3 billion, down from its $13.5 billion peak. While the token may have been overvalued, profit-taking has pushed PI toward oversold territory as indicated on the daily chart.

Major announcement coming?

PI Network made a major announcement through its official X account, asking users to add another layer of security to their wallet. Typically these announcements are made in the days and weeks leading up to a major exchange listing, to fulfill a requirement. 

This has fueled speculation of a Binance listing, though neither the team nor the exchange has confirmed it. Analysts warn that while a Binance listing can act as a price catalyst, it could also trigger additional selling as early users exit their positions.

Deep dive on PI token sell-off

For a crypto token, utility is key and is mostly the parameter on which the token’s value is determined by market participants. However, in the case of PI network’s PI, the token has over 14 million users with verified KYC, millions of active users spanning 155 countries and over 70 apps built on its blockchain.

The statistics indicate the value and utility of PI token, it has not catalyzed gains in the crypto asset, as of July 2025. 

As PI transitioned to a tradeable state, rather than holding onto their PI tokens, users have taken profits and shed their holdings. The February mainnet launch and exchange listing ushered a correction in PI. After a brief increase in price across exchanges, the token consolidated and corrected for most of 2025. 

PI has wiped out nearly $10 billion in market capitalization but remains listed on major exchanges. Additional listings could boost liquidity and trigger volatility in either direction. At the time of writing, PI ranks among the top 50 cryptocurrencies by market cap.