Pi Network's native token PI has dropped to around $0.1700, extending its bearish run as more than 36 million tokens migrated to the mainnet over the past four days. The price slide comes alongside a wave of unlocked tokens from the Pi Core Team wallets and a noticeable uptick in deposits to exchanges, pointing to mounting selling pressure.
Why the token supply is flooding the market
On-chain data shows that 26.20 million PI tokens were unlocked from wallets tied to the Pi Core Team. That release coincided with 1.15 million tokens flowing into exchanges that support PI — a sign that large holders are reducing exposure. Over the same window, 36 million PI tokens were moved to the mainnet, adding to the circulating supply. The combination suggests that early participants and the project’s own team are taking profits or cutting positions, a dynamic that typically weighs on price.
Technical chart points to more downside risk
The PI/USD 4-hour chart paints a grim picture for bulls. The token is trading below all three key exponential moving averages — the 50, 100, and 200-period EMAs, which are clustered in a tight resistance zone between $0.1739 and $0.1767. That band now acts as a ceiling, making any near-term recovery difficult without a surge in buying volume.
The Relative Strength Index sits near 40, below the neutral 50 mark, indicating bearish momentum is still in control. On the MACD, both the line and signal line are marginally below zero, confirming that downside pressure has not exhausted itself. If PI fails to hold the short-term support at $0.1687 — the May 12 low — the next move could be a fresh low on the 4-hour chart.
What the exchange inflow means for holders
When tokens move from wallets to exchange addresses, it often signals an intent to sell. The recent inflow of 1.15 million PI tokens is small relative to the total supply, but it is concentrated and follows the core team unlocks. For traders watching order books, that kind of pattern can accelerate sell-offs as smaller holders rush to the exit. The current price action suggests that demand is simply not absorbing the new supply.
The question for PI holders now is whether $0.1687 will hold. A break below that level could trigger stop-loss orders and accelerate the decline. On the flip side, if the price stabilizes above that floor and manages to reclaim the EMA zone around $0.1740, the short-term picture might shift. But with the RSI still pointing south and the MACD in negative territory, the path of least resistance remains lower.
