Pi Coin is currently facing a significant test of its viability, with its price experiencing a severe and sustained downturn since its mainnet launch. Persistently weak investor interest and a lack of crucial market developments have pushed the token into a precarious position, leaving its recovery in doubt.
A Precipitous Decline from All-Time Highs
Since its mainnet opened for external trading in February 2025, Pi Coin has failed to convert initial hype into lasting value. The token skyrocketed to an all-time high of nearly $2.98 upon its market debut but has since erased the vast majority of its gains.
As of mid-November 2025, PI is trading in a narrow range between $0.21 and $0.23, representing a staggering 92% drop from its peak and a 44% decline over the last quarter alone. This dramatic contraction underscores a deep and persistent lack of structural demand, with the price now consolidating near a critical support level that, if broken, could trigger a further slide.
Mounting Pressure from Weak Fundamentals and Sentiment
The price weakness is a direct symptom of several underlying issues that have eroded investor confidence. On-chain data and technical indicators paint a bleak picture. Trading volume has been exceptionally weak, with only around 9 million PI tokens moving in a 24-hour period, signaling fading investor participation and a lack of liquidity. The Chaikin Money Flow (CMF) indicator is holding at a near two-month low, confirming that capital is flowing out of the asset rather than into it. Furthermore, the broader market sentiment toward PI is bearish, with the Fear & Greed Index registering a reading of 15, indicating “Extreme Fear” among investors.
Beyond technicals, Pi Network grapples with significant structural risks. A massive 96.37% of PI tokens are concentrated in the top 100 wallets, creating a high risk of a price collapse if these large holders decide to sell. The project also suffers from a lack of accessibility, as it remains unlisted on major tier-1 exchanges like Binance and Coinbase, which severely limits its liquidity and institutional adoption. For many of the millions of early users, the tokens they mined for years remain inaccessible due to bottlenecks in the KYC (Know Your Customer) verification process, trapping them in a “closed loop” with limited utility.
A Future Hinging on Critical Milestones
The path to a potential recovery for Pi Coin is narrow and entirely dependent on the project overcoming its fundamental challenges. The most immediate need is for the price to defend the $0.21 support level. If this level holds and buying volume gradually increases, it could form a base for a potential rally toward the $0.29–$0.37 resistance zone. However, if this support breaks, analysts warn the price could fall toward $0.15 or even lower.
For any long-term recovery, Pi Network must deliver on its promises. The single most important catalyst would be securing listings on major global exchanges, which would instantly boost liquidity and accessibility. Furthermore, the project must rapidly advance its ecosystem, fostering real-world utility through dApps and merchant adoption to create genuine demand for the PI token that transcends mere speculation. Until these critical milestones are achieved, Pi Coin is likely to maintain its high-risk profile, with its price vulnerable to further declines.
