Can PI Recover From Its Demand Drought as Volume Continues to Fall?

$Pi Network’s token has continued to underperform, trading sideways despite the crypto market’s bullish setup. While the market rallied last week, with several assets reaching all-time highs and others climbing to multi-month peaks, $PI remained in a range. With plunging interest in the altcoin, it shows little momentum to break out of its narrow range. Investor Interest Fades as $PI Trades Sideways and On-Chain Activity Drops Currently trapped in a sideways trend, $PI faces stiff resistance at $0.46 and a firm support level at $0.43. Unlike other assets riding the wave of renewed investor enthusiasm, $PI continues to witness declining trading interest, as evidenced by a sharp drop in its on-chain trading volume. According to Santiment, this has dropped by 21% in the past seven days, signaling waning demand and growing caution among investors. A drop in trading volume means fewer investors are buying or selling the asset. It signals declining interest, lower liquidity, or general indecision in the market. As with $PI, when this happens during sideways price movement, it suggests a lack of strong conviction. Neither buyers nor sellers are dominating, creating a lull in momentum. In addition, according to data from PiScan, the $Pi Network is scheduled to unlock 95 million $PI tokens over the next eight days, contributing to the bearish pressure on the token. With traders already wary amid persistent price stagnation and declining volume, the token unlock could strengthen $PI’s price stagnation or even trigger a breakdown below support at $0.43. This is because a large influx of tokens like this increases selling pressure, particularly in bearish conditions where demand is too weak to absorb the added supply. $PI’s Bearish Streak Deepens — All Eyes on $0.43 Support Level An assessment of $PI’s Elder-Ray Index on the daily chart confirms the bearish tilt in market sentiment. The indicator, which gauges the strength of bulls and bears in the market, has posted a negative value since July 12, highlighting a strong bearish presence. If the current trend persists, a breakdown below the $0.43 support level appears increasingly likely, opening the door for a retest of $PI’s all-time low at $0.40. However, a renewed wave of buying interest could shift momentum. Should demand rebound, $PI token price may overcome resistance at $0.46 and potentially rally toward the $0.50 mark. For token TA and market updates : Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here .