Pi Network Token PI Remains Stalled Near ₹30 Despite Key Developments
Pi Network’s token PI has trading momentum stalled around ₹30–₹32, down nearly 4% over the past month and 90% below its February peak near ₹260. Despite several bullish cues—including a Swedish SEK-denominated exchange-traded product (ETP) listing on Spotlight Stock Market, the release of a Linux node client, and a planned protocol upgrade to version 23 with decentralized KYC and biometric Passkey authentication—trader confidence remains low.
Technical analysis shows PI coin facing immediate resistance at ₹35 and a major retracement zone near ₹40.5. A multi-month descending trendline and bearish moving averages underscore weak momentum, while the RSI near 43 and muted volume signal limited demand. Community hype has faded, with traders labeling the recovery prospects as unrealistic without a broader market shift and Bitcoin dominance surge.
With resistance levels unbroken and sentiment subdued, PI remains vulnerable to further declines. Traders should watch key support near ₹28 and upcoming protocol upgrade milestones for short-term impact.
Bearish
The outlook for PI token is bearish due to persistent price weakness despite positive on-chain developments. Historical patterns show that tokens often fail to rally when technical resistance levels—such as the ₹35 trendline and ₹40.5 retracement zone—remain unbroken and trading volume is muted. Comparable cases, like altcoins that announced protocol upgrades but saw minimal price reaction, suggest traders prioritize market momentum over news catalysts. In the short term, PI may test support near ₹28; a breach could trigger further declines. Long term, successful deployment of protocol upgrade 23 and growing institutional uptake via the SEK ETP could improve sentiment, but only if broader crypto market conditions shift positively.