Pi Network price action stalls amid declining trading volume

The Network Pi token displays a bad momentum while its price and its volume of trading continue to drop.

According to Crypto.News data price trackerPi Network’s (Pi) The volume of negotiation has dropped by more than 35% in the last 24 hours, at around $ 46.8 million. This is a significant drop compared to more than $ 800 million at the start of Mainnet trading.

PI is currently negotiating at around $ 0.59, 80% below its $ 2.99 peak. The token dropped 11.4% in the last month, pursuing a gradual decline which does not seem to stop anytime soon. Within a shorter period, it decreased by 3.3% last week and 0.1% in the last 24 hours.

A key reason for the decline is the power pressure. According to Piscan dataThe network is expected to unlock 231 million new PI tokens in May and 222 million others in June. During the next year, more than 1.4 billion tokens, worth more than $ 850 million, will come into circulation. Due to the drop in demand and less liquidity outlets, this supply pressure could lead to new price reductions.

The PI network faces operational and structural problems in addition to Tokenomics challenges. Delays in the verification of your client of knowledge remain a major bottleneck, with millions of users who are still waiting. In an update published on May 2, verified users can now activate Mainnet portfolios without complete migration, potentially softening the user frustration.

In terms of registrationPi is still not available on popular exchanges like Binance and Coinbase. Even if trading is available on OKX, Bitget and Mexc, losses such as Bitmart trading break and HTX’s delimitation have undergone market confidence.

The development of the network offers a more promising perspective. In June, a full version of the SDK is expected, which could facilitate the development of third -party decentralized applications and stimulate real activity on the chain.

On the technical side, Pi is negotiated on the side just below the resistance of $ $ 0.60 with mixed signals from the Momentum indicators. The relative force index is 40.87, which suggests that the market is low but not occurring.

PI continued to hover below all the significant medium of moving from the beach of 10 to 50 days, indicating that the overall trend is still down. Currently, the simple mobile average from 20 days to $ 0.62 acts as immediate resistance.

A short -term recovery to $ 0.67 is possible if the price can move away and maintain the level of $ 0.62. However, taking into account the importance of unlocking imminent tokens and the continuous lack of institutional interest, a drop of less than $ 0.56 could lead to the new stockings.