TLDR
- Pi Network (PI) struggles to break above $0.66 resistance level, currently trading around $0.65
- Major whale accumulated 276 million PI coins worth $180 million over two months
- 276 million token unlock scheduled for June could create downward price pressure
- Migration issues and KYC problems causing community frustration and stagnating holder count
- Technical indicators show mixed signals with potential for breakout or breakdown
Pi Network finds itself at a critical juncture as the cryptocurrency tests the $0.66 resistance level. The digital asset currently trades around $0.65 after recovering from recent lows near $0.62.
The price has remained trapped in a tight range over the past four trading sessions. This consolidation pattern typically signals an impending sharp move in either direction.
Technical analysis reveals classic range-bound behavior with declining volatility and reduced trading volume. The current price action suggests markets are waiting for a decisive catalyst to break the deadlock.
Major Whale Shows Confidence Despite Market Uncertainty
A whale investor has accumulated 276 million PI tokens over the past two months. The holdings are now worth approximately $180 million at current prices.
Recent data from Pi Scan shows the whale withdrew 13.62 million tokens from OKX exchange in the past week. The most recent withdrawal of 7.38 million coins occurred within the last eight hours.
This accumulation pattern demonstrates institutional-level confidence despite the broader market’s cautious stance. The whale’s actions contrast sharply with retail investor sentiment.
Market fundamentals present a mixed picture for Pi Network. Data from Holderscan indicates the total number of PI holders has stagnated near 14,952.
The lack of new network participants reflects growing disillusionment among early adopters. Analyst Aaryamann Shrivastava noted a month-long trend of investors quietly exiting positions.
The Relative Strength Index sits at 40.27, indicating weak buyer momentum. Low trading volume compounds this bearish signal as bulls remain hesitant to establish new positions.
Migration Issues Create Community Backlash
User frustration continues to mount over ongoing migration problems within the Pi Network ecosystem. Many holders face unresolved KYC verification states that prevent access to their tokens.
š„ Everyone is talking about the second migration…
But what about the Validation Bonus? š
No discussion, no mention in the roadmap!š¢ @PiCoreTeam
Where are the Validating Rewards? šSecond Mgrationš§µ@nkokkalis @Chengdiao #Pioneers pic.twitter.com/1dwPFA0C50
— The Times of PiNetwork (@PiNetwork24X7) June 3, 2025
Social media platforms show increasing complaints about a second wave of migration requirements. Users report unexpected verification prompts appearing in their applications.
Despite parody account announcements claiming a second migration phase began, the Pi Core Team has not issued official confirmation. This confusion leaves many users feeling locked out of their balances.
One frustrated user posted on X: “This Pi of a thing is nonsense. After mining for years we are denied access to our coin.” Such sentiment reflects broader community concerns about the development process.
The timing proves particularly problematic as Pi Network prepares for a major token unlock event. Community trust appears fragile just as the market faces increased supply pressure.
A scheduled release of 276 million PI tokens approaches in June. This unlock represents approximately $176 million in additional market supply.
Analysts warn this supply increase could create downward pressure on prices. Current market conditions show limited demand to absorb such quantities.
The token unlock represents a stress test for Pi Network’s market resilience. Without improved sentiment or increased demand, the supply surge could trigger price declines.
Technical support at $0.61 becomes critical if the unlock proceeds as scheduled. A breakdown below this level could expose the $0.57 support zone or the psychological $0.40 level.
From a technical perspective, Pi Network remains confined between $0.62 support and $0.66 resistance. A successful break above $0.66 would target the May 29 high at $0.6931.
The MACD indicator shows flat but positive readings, suggesting coiled momentum awaiting direction. RSI readings vary across timeframes but lack the strength typical of bullish breakouts.
Moving averages present a bearish alignment following negative crossovers last week. The 50-period EMA at $0.6779 would provide dynamic resistance on any upward move.
Pi Network’s immediate future depends on resolving technical bottlenecks and restoring community trust. The $0.66 resistance level remains the key battleground for bulls and bears.
