After a significant correction in May, Pi Network (PI) may recently have a chance for a rebound. Although it still faces multiple challenges in project progress and market confidence, improvements in technical aspects and trading enthusiasm have brought a glimmer of hope for PI’s recovery and sparked market expectations for a return to 1 dollar.
According to the latest data, the current price of PI is about $0.64, which is a significant rebound from the low of about $0.56 it hit in mid-May. It has increased by more than 160% in the past month, and the trading volume has surged accordingly, with the daily transaction amount once exceeding $540 million. Even though the current price has dropped back to around the starting point, the market still has confidence in the price of PI.
Although the price rebound is encouraging, PI is still sluggish, more than 70% lower compared to the historical high of around $3 set in February. Currently, the trend is leaning towards consolidation, but the overall structure still appears weak. The RSI indicator is at around 54, showing that there is no clear dominance between bulls and bears. Momentum indicators like MACD are giving slight sell signals, reflecting that the short-term rebound momentum still holds uncertainties.
On the on-chain and community level, Pi Network still faces a lot of pressure to resolve issues, such as some communities still being unable to freely transfer or use their assets. Additionally, PI has not yet been listed on several mainstream exchanges, and the lack of liquidity makes the price susceptible to fluctuations from single events. Although the community overwhelmingly voted in support of listing, there has been no actual progress on the listing schedule, which somewhat restricts the space for institutional participation and large investors to enter.
Another major challenge is that ecological applications remain sparse, lacking specific DeFi or dApp application scenarios, which leads to current buying mainly driven by speculation. After Pi Network Ventures announced the establishment of a $100 million fund on May 14, the price briefly rebounded to $1.35 but then quickly fell back, reflecting that thematic short-term trading cannot sustain medium- and long-term prices. More importantly, over the next year, more than 1.47 billion PI will be unlocked. If there is a lack of effective destruction mechanisms or demand for use, it could become the last straw that breaks the market.
Start spot trading of PI immediately:https://www.gate.com/trade/PI_USDT
Pi Network is at a turning point where rebounds and pressure are intertwined. If it can release listing news, expand application implementation, or control supply through a burning mechanism in the future, there will be a chance to help the price stabilize at 1 dollar. However, if there are no new developments for an extended period, the rebound may be fleeting, and investors need to be cautious about the risks.
After a significant correction in May, Pi Network (PI) may recently have a chance for a rebound. Although it still faces multiple challenges in project progress and market confidence, improvements in technical aspects and trading enthusiasm have brought a glimmer of hope for PI’s recovery and sparked market expectations for a return to 1 dollar.
According to the latest data, the current price of PI is about $0.64, which is a significant rebound from the low of about $0.56 it hit in mid-May. It has increased by more than 160% in the past month, and the trading volume has surged accordingly, with the daily transaction amount once exceeding $540 million. Even though the current price has dropped back to around the starting point, the market still has confidence in the price of PI.
Although the price rebound is encouraging, PI is still sluggish, more than 70% lower compared to the historical high of around $3 set in February. Currently, the trend is leaning towards consolidation, but the overall structure still appears weak. The RSI indicator is at around 54, showing that there is no clear dominance between bulls and bears. Momentum indicators like MACD are giving slight sell signals, reflecting that the short-term rebound momentum still holds uncertainties.
On the on-chain and community level, Pi Network still faces a lot of pressure to resolve issues, such as some communities still being unable to freely transfer or use their assets. Additionally, PI has not yet been listed on several mainstream exchanges, and the lack of liquidity makes the price susceptible to fluctuations from single events. Although the community overwhelmingly voted in support of listing, there has been no actual progress on the listing schedule, which somewhat restricts the space for institutional participation and large investors to enter.
Another major challenge is that ecological applications remain sparse, lacking specific DeFi or dApp application scenarios, which leads to current buying mainly driven by speculation. After Pi Network Ventures announced the establishment of a $100 million fund on May 14, the price briefly rebounded to $1.35 but then quickly fell back, reflecting that thematic short-term trading cannot sustain medium- and long-term prices. More importantly, over the next year, more than 1.47 billion PI will be unlocked. If there is a lack of effective destruction mechanisms or demand for use, it could become the last straw that breaks the market.
Start spot trading of PI immediately:https://www.gate.com/trade/PI_USDT
Pi Network is at a turning point where rebounds and pressure are intertwined. If it can release listing news, expand application implementation, or control supply through a burning mechanism in the future, there will be a chance to help the price stabilize at 1 dollar. However, if there are no new developments for an extended period, the rebound may be fleeting, and investors need to be cautious about the risks.