Pi Network Nears Resistance: Is a Breakout on the Horizon?

• PI must break $0.88 resistance to target $1.03, with a rounded bottom hinting at recovery.
• Failure to hold current levels may push PI back to $0.40 support as volume dips.
• The trading volume has dropped, but the market value stays strong, showing interest in PI.

Pi Network (PI) is trading at $0.7786 on the weekly chart, showing a slight 0.85% dip after a sharp fall from a high near $2.20. The token recently bounced to $0.7964 before easing back. According to CoinMarketCap, PI’s price rose 6.50% over the past seven days and is now valued at $0.7454, supported by a $5.39  billion market capitalization that decreased 4.37%. Despite a 32.75% rise in 24-hour volume to $116.78 million, the volume-to-market cap ratio remains at 2.15%. The fully diluted valuation stands at $77.88 billion, with a circulating supply of $74.52 billion PI tokens out of 100 billion PI.

Resistance and Support Levels Define the Market Path

Fibonacci retracement levels show critical resistance and support zones guiding PI’s price action. The token sits near the 0.382 retracement at $0.8833, a pivotal level signaling possible upward momentum if broken. 

The next key resistances appear at 0.5 Fibonacci level ($1.0339) and 0.618 level ($1.1840). Should bullish pressure persist, higher resistance targets include the 0.786 retracement at $1.3977 and the full retracement near $1.6699. At the same time, the token has support at $0.3980, which started the recovery we are seeing now.

Price Trends and Supply Insights Point to Future Moves

The price movements over the past week reflect a steady climb from $0.735 on May 20 to highs near $0.85 before settling near $0.77. Combined with the modest trading volume decline, it suggests that PI maintains support despite volume fluctuations. 

The chart displays a bottom pattern, which could represent a coming recovery. If the price breaks the 0.382 retracement, it leads PI above $1.03. On the other hand, losing this level could result in another test at $0.40.

In addition, Pi Scan shows that there are 11.14 trillion tokens, of which 7.24 trillion are being circulated and 5.21 trillion are not yet available. About 312 million PI are stored on centralized exchanges, including 22.9 million at OKX and 110.9 million at Bitget. There are 0.832 transactions processed every second on the network, and over 20.88 million blocks have been created to show sustained blockchain activity.

Related: Weak Volume Pushes Pi Below $1 Despite Market Cap Growth

What Could Define Pi Network’s Next Market Direction?

Pi Network now stands at a critical point near $0.78, approaching key resistance between $0.88 and $1.18. The token’s movement through Fibonacci retracement levels will determine if it breaks out or declines further. Because of this, investors and traders should regularly pay close attention to these levels, as they can easily affect PI’s short-term trend. So far, PI’s resilience is clear, but it will only experience major gains when trading volume and market cap increase further.

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