TLDR
- Pi Network’s price has fallen to around $0.59, down over 80% from February peak of $2.99
- Trading volume plunged 49% in 24 hours to $34.95 million, raising concerns about market interest
- Rumors of BNP Paribas partnership were unverified and did not impact price
- Technical analysis suggests possible further drop to $0.40 or lower if $0.50 support breaks
- Binance listing remains uncertain despite 86% community support in a February vote
Pi Network (PI) continues to face challenges as its price hovers around $0.59, marking an 80% decline from its February peak of $2.99. The cryptocurrency, which launched its open mainnet earlier this year, has struggled to maintain momentum in recent weeks.
Trading volume for PI has dropped dramatically, falling 49% in just 24 hours to $34.95 million. This makes it one of the lowest-volume tokens among the top 30 cryptocurrencies, according to CoinMarketCap data.
The price action shows PI trapped in a tight range, with resistance near $0.58-$0.60. The 4-hour chart reveals a symmetrical triangle pattern that began forming in mid-April after a steep downtrend.
Market analysts warn that a drop below the lower boundary of this pattern could push PI to new lows of $0.40, with potential for further decline to $0.10 if selling pressure continues.
False Partnerships and Market Rumors
Recent buzz in the Pi Network community centered around claims of a partnership with French banking giant BNP Paribas. The rumor suggested integration with the bank’s digital payment systems via a “Pi Nexus Banking System” API.
đ¨ BREAKING:
BNP Paribas has entered into a strategic partnership with Pi Network đł
– @CoinTribuneFR đ
If true, this is a major step towards building a bridge between the banking system and blockchain đ§ľ#PiNetwork #PiCoin #pinetwork24x7 pic.twitter.com/KRZEWWgX2Y
— The Times of PiNetwork (@PiNetwork24X7) May 5, 2025
These claims spread through social media channels like X (formerly Twitter), with accounts such as “The Times of PiNetwork” promoting the news.
However, investigation revealed that the supposed partnership was based on an unverified GitHub repository. BNP Paribas has not confirmed any collaboration with Pi Network.
The false partnership news failed to boost Pi’s price, highlighting the market’s growing skepticism toward unverified claims. The Pi Network team did not intervene to address the misinformation.
Similar API integrations have been proposed for companies like Apple Pay, PayPal, and Barclays, but none have materialized into official partnerships.
The lack of transparency surrounding these rumors has contributed to market uncertainty for PI holders.
Exchange Listing Challenges
A major factor in Pi Network’s struggle has been its inability to secure listings on major cryptocurrency exchanges like Binance and Coinbase.
In February 2025, Binance conducted a community vote regarding a potential PI listing, with 86% of participants supporting the move. This created optimism among investors, with some analysts predicting a price surge to $5 or even $10 if listed.
Despite strong community support, Binance has not confirmed a listing. The exchange’s strict listing criteria pose challenges for Pi Network, particularly regarding transparency, liquidity, and decentralization.
The project’s centralized control structureâwith the Pi Core Team managing all mainnet nodesâhas raised concerns. Binance’s new listing rules favor projects built on supported blockchains like BNB Chain, which Pi does not use.
Without access to major exchanges, Pi Network faces limitations in liquidity and broader investor participation.
Technical Outlook Remains Bearish
Technical indicators paint a pessimistic picture for PI in the near term. The Relative Strength Index (RSI) sits near neutral at 42, while the 30-period moving average lags below the 200-period moving averageâclassic signs of consolidation with bearish bias.
As of May 6, Pi was testing the lower trendline of its symmetrical triangle pattern at $0.60, confirming a bearish breakdown. The measured target of this pattern suggests a potential drop to approximately $0.30âa further 50% decline from current levels.
The 50-period EMA at $0.6003 and the 200-period EMA at $0.7004 are both trending downward, reinforcing the bearish momentum and offering little immediate support.
Weekend trading is expected to keep PI range-bound due to typically lower volume.
Future Prospects Remain Uncertain
Despite its challenges, Pi Network maintains a sizable following due to its unique mobile-first mining model. Since its 2019 inception, the network has attracted millions of users mining PI on their phones.
Some optimistic analysts believe PI could rise to $2.02 or even $5 by the end of May, contingent on exchange listings and positive developments from upcoming crypto conferences.
However, without credible partnerships or major exchange listings, PI may struggle to reverse its downward trend. The next key level to watch is the $0.50 support, which if broken could accelerate selling.
At press time, Pi Network was trading at around $0.59, up 0.63% in the last 24 hours.
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