Pi Network (PI) Price: Token Drops 22% Despite Topping Usage Poll Over XRP

TLDR

Table of Contents

Pi Network (PI) topped a Zypto VISA card usage poll, beating XRP and DASH despite its price struggles
PI token price dropped 22% to $0.65 in one week amid broader crypto market sell-off worth $170 billion
Technical analysis shows PI formed a descending wedge pattern but lacks clean structure for reliable reversal signals
Token faces resistance at $0.66 level with continued selling pressure and bearish momentum indicators
Pi Network still lacks major exchange listings, keeping liquidity low and institutional interest minimal

Pi Network has experienced a sharp price decline even as it demonstrated strong real-world adoption metrics in recent community polling data.

The PI token fell 22% to $0.65 over one week ending May 31, 2025. This drop occurred alongside a broader cryptocurrency market sell-off that eliminated over $170 billion in total market value.

Despite the price decline, Pi Network claimed the top position in a Zypto VISA card usage poll. The survey asked crypto users to identify which digital currency saw the most card top-up activity over the past week.

So, your guess for which of these cryptocurrencies were used most over the last 7 days was:
1st: $Pi
2nd: $USD1
3rd: $XRP
4th: $DASH
Well, you got 1 out of 4 right! 😂$Pi was indeed the most used of the 4, but $DASH was VERY close in 2nd place. Other weeks it's actually been… https://t.co/HCiTpOaOSz
— Zypto App (@ZyptoApp) June 1, 2025

Pi Network beat established cryptocurrencies including XRP and DASH for the number one spot. USD1 secured third place while XRP finished last in the community poll.

Poll organizers noted that DASH has typically topped these weekly rankings in previous surveys. This marked the first time Pi Network claimed the leading position in card usage metrics.

The usage data revealed XRP recorded lower-than-usual activity for card top-ups. This represented a noticeable decline in XRP’s participation within the Zypto community during the polling period.

Technical Analysis Shows Mixed Signals

Technical indicators present a complex picture for PI’s price outlook. The token formed a descending wedge pattern on the 12-hour chart, which typically signals the end of a downtrend.

However, the wedge pattern shows structural weaknesses. The trendlines lack sufficient testing points, particularly on the lower boundary. A large gap appeared between May 20-29 on the pattern’s lower side.

These technical flaws suggest the wedge may not provide reliable reversal signals. The Money Flow Index indicates momentum remains bearish while the On-Balance Volume shows continued selling pressure over ten days.

On the 4-hour timeframe, the On-Balance Volume declined over the past week. This highlighted persistent selling pressure that pushed PI to test lows from May 8.

The token currently attempts to break above the $0.66 resistance level. Technical indicators suggest this effort may face challenges due to ongoing bearish momentum.

Market Challenges Persist

Pi Network continues to face structural market challenges that impact price performance. The project lacks listings on major cryptocurrency exchanges, which limits liquidity and institutional participation.

The absence of major project updates has contributed to the recent price weakness. Market participants cite the lack of development announcements as a factor in the token’s decline.

Analysts identify key price levels for future movement. If selling pressure continues, PI could fall below the $0.55 support level and potentially reach $0.40.

A strong buying response might push the price toward $0.86. However, such a rebound appears unlikely without a reversal of the current downtrend.

The Fibonacci retracement levels on the daily chart show $0.80 as the next key resistance level. Early May saw PI post a 188% gain followed by a 63% decline that erased those advances.

Pi Network’s performance in real-world usage metrics contrasts with its market price action, creating a disconnect between utility and token valuation.

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