Pi Coin faces volatility amid migration woes and bearish sentiment

WEB DESK: Pi Network’s native cryptocurrency slipped on Friday as migration issues and a rise in exchange supply weighed on sentiment, even as the project reported network growth and ecosystem upgrades.
 
The PI token was down 0.73 per cent at $0.5370, after briefly touching $0.5446 early Thursday before slipping to as low as $0.5426 later in the day. The move marks a 0.55 per cent drop over 24 hours, driven by what analysts described as a mix of technical hurdles and market dynamics.  
 
The drop follows reports from users facing issues with KYC verification, two-factor authentication failures, and wallet balance errors—problems that have emerged just days ahead of a planned network upgrade on June 28.  
 
Meanwhile, the amount of PI circulating on exchanges has surged to over 346 million, up more than 30 per cent since March, according to data tracked by PiScan. Analysts said the increase in exchange supply points to mounting sell pressure, especially in the absence of listings on major platforms such as Binance and Coinbase.  
 
Technically, the token remains under pressure. PI is trading below key resistance levels at $0.59 and $0.705, while its Relative Strength Index (RSI) sits near 31.8, a level often associated with oversold conditions.  
 
Still, the project’s core development team highlighted growth on the network in its latest blog update. More than 3 million new users, or “Pioneers”, have migrated to the mainnet, taking the total to over 13 million. The team also said it had activated over 400,000 nodes across its blockchain infrastructure, calling it “one of the most resilient and decentralised networks” in the sector.  
 
The platform’s app ecosystem has also seen upgrades, including a redesigned developer interface, an easier onboarding process, and the rollout of a dedicated ad network. Several new apps have also been added to the platform.  
 
Even so, market confidence remains fragile. The token briefly fell to a new low of $0.40 before recovering to around $0.53. Traders are watching the $0.57 resistance level closely, with potential upside targets at $0.61 and $0.71 if sentiment improves.  
 
But risks remain. More than 337 million additional PI tokens are expected to enter circulation over the next month, equivalent to nearly $185 million at current prices, raising concerns of further selling pressure. 

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