Pi Network's PI token fell 1% on October 5 to trade at $0.086, inching closer to a support level at $0.085. The move comes even as futures traders added to their positions, with open interest in PI contracts rising to $31 million.
Price action sits just above a key floor
At $0.086, PI is hovering less than a cent above the $0.085 support that has held in recent sessions. A break below that level would mark a fresh low for the token, which has struggled to gain traction since its mainnet launch. The 1% decline is modest by crypto standards, but it keeps PI pinned in a narrow range that offers little room for error.
For holders, the immediate question is whether $0.085 holds. If it doesn't, the next move could be sharper, given how thin the order book has been around these levels. If it does, the token may continue to chop sideways while the broader market looks for direction.
Open interest tells a different story
While spot price softened, derivatives data shows traders are not backing away. Open interest in PI futures climbed to $31 million, according to the latest figures. Rising open interest alongside a falling price often signals that new short positions are being opened, though it can also reflect longs adding on the dip. Without a breakdown of long versus short positioning, the data is open to interpretation.
What's clear is that more money is at stake in PI futures now than before. That raises the possibility of sharper moves in either direction as leveraged positions build up. In thin markets, a squeeze in one direction can trigger a cascade of liquidations, amplifying price swings.
Why the $0.085 level matters
The $0.085 support has been tested repeatedly in recent weeks. Each test wears it down, and a clean break could open the door to a deeper retracement. On the flip side, holding above it may give buyers the confidence to push back toward recent highs. For now, the token is doing neither with conviction.
Pi Network's price has been under pressure for much of the year, as the project works to build out its ecosystem and utility. The token's value is closely tied to user adoption and the rollout of applications on the network. Any delay on that front tends to weigh on sentiment.
What to watch from here
Traders will be watching the $0.085 line closely. A daily close below it would confirm a breakdown, while a bounce from here could set up a short-term recovery. The $31 million in open interest adds another variable: if price starts moving, leveraged positions could accelerate the trend.
There's no scheduled event on the calendar that explains today's move. It looks like ordinary market drift, with sellers slightly in control. The next session will show whether buyers defend the support or step aside. For PI holders, the stakes are simple: hold $0.085 and the range stays intact. Lose it, and the chart opens up to levels not seen before.
