Pi Network is facing yet another wave of downward pressure as its price hovers just above the $0.50 mark, dangerously close to its all-time low of $0.40. This sharp decline, seen over the past week, has reignited concern among holders and investors, raising questions about the project’s future amid continued delays and uncertainty surrounding its official mainnet introduction.

The lack of a fully functional ecosystem—such as decentralized applications (DApps) and real utility—continues to weigh heavily on Pi’s market performance. Despite a large community of supporters, the project’s inability to introduce on major exchanges or deliver tangible use cases has created a growing sense of frustration. Meanwhile, bearish sentiment in the broader altcoin market is amplifying these issues, putting Pi Network under even greater pressure.

However, not all hope is lost. Technical indicators are beginning to show early signs of a potential reversal. The Relative Strength Index (RSI) for Pi Network currently stands at 35, approaching oversold territory. Historically, this level has signaled a bounce for the token. In early April, a similar RSI reading preceded a modest price recovery, suggesting the possibility of a repeat scenario if market sentiment shifts in a more favorable direction.

Adding to this potential turnaround is the behavior of momentum indicators. The squeeze momentum indicator—a tool used by traders to predict price consolidations and breakouts—has recently flashed black dots. This typically indicates a build-up of pressure in the market that often precedes a significant move in either direction. Simultaneously, a growing number of green bars on the histogram is pointing to increasing bullish momentum, hinting that the market might be preparing for an upside breakout.

Currently, Pi Network is trading at approximately $0.55. This places it just below a critical resistance level at $0.57. A successful breakout above this mark could trigger a wave of buying and push prices higher, with immediate targets at $0.61 and potentially $0.71. Reclaiming these levels would signal a shift in market sentiment and could re-energize the community.

However, the bearish scenario still looms. If Pi fails to stay above its current support at $0.51, the price could once again slip toward $0.45 or even retest the recent low of $0.40. A move below this threshold would not only be psychologically damaging for holders but could also accelerate further declines if selling pressure intensifies.

Adding to the downward risk is the upcoming unlock of 337 million Pi tokens—valued at roughly $185 million—over the next 30 days. According to PiScan, this influx of new tokens into circulation threatens to further destabilize Pi’s already fragile price. With Pi still absent from major exchanges like Binance and Coinbase, the market lacks sufficient liquidity to absorb this supply shock without significant volatility. If these tokens hit the market en masse, they could drown any short-term bullish momentum and drive the price even lower.

Despite these challenges, the Pi Network community is holding onto a potential catalyst: Pi2Day, an annual event celebrated on June 28. The community expects significant statements from the core development team during the celebration, which could include updates on the long-awaited mainnet or plans for utility expansion. Such news could inject fresh optimism into the market and serve as a much-needed lifeline for the struggling token.

Still, whether Pi Network can leverage this momentum depends heavily on its ability to deliver real progress. Without exchange listings, working products, or clear timelines, even the most optimistic investors are beginning to show signs of fatigue.

In summary, Pi Network finds itself at a critical crossroads. Technical signals hint at a possible rebound, especially as the RSI approaches oversold conditions and momentum begins to build. Yet fundamental issues—most notably token unlocks, lack of utility, and missing exchange support—pose serious threats to its price stability. As the market watches closely, the coming days will be crucial in determining whether Pi Network can reverse its fortunes or slide deeper into decline.