Overview
- Pi’s protocol v25 went live with BN254 cryptography and Poseidon hashing to support privacy‑preserving contracts and zero‑knowledge applications, but the technical upgrade did not produce lasting user demand.
- The token has lost most of its recent rebound and is trading near $0.082–$0.083, with spot volume and futures open interest falling and short‑term charts turning bearish.
- Derivatives open interest has dropped to roughly $9.6 million from recent peaks, signaling that leveraged positions were closed rather than replaced and reducing the chance of a leverage‑fuelled bounce.
- Market supply will rise sharply from scheduled unlocks, with about 127.5 million PI set to unlock in the coming weeks and roughly 775.8 million PI due through year‑end, concentrating sell pressure in a few large wallets.
- Without clearer institutional buying or developer‑led adoption to absorb newly liquid tokens, analysts say PI could retest deeper supports near $0.085 and $0.080 and potentially revisit the all‑time low around $0.07036.