Pi Network (PI) trading data shows a rather negative price outlook for November. Although Pi has fallen more than 90% from its peak, market factors may continue to push the price lower.
So what are the warning signs, and how does the Pi community interpret them?
A Huge Amount of Pi Token Is Being Unlocked
First, data from Piscan shows that the number of Pi unlocked per day is up to 4.85 million PI, and the number of Pi unlocked in the next 30 days is up to 145 million Pi.
Piscan data also revealed that in December, more than 173 million Pi will be unlocked — the highest monthly unlock until September 2027.
This continued and increasing unlocking pressure is likely to last until the end of the year, creating a significant hurdle for any price recovery efforts on exchanges.
Rising Floor Balances Show Continued Selling Pressure
The amount of Pi held on exchanges continued to increase in November.
According to Pi Network's report at the beginning of the month, there were about 423 million Pi on exchanges. By mid-November, this number had increased to nearly 426 million Pi, marking an All-Time-High.
The increase in exchange balances suggests that exchanges are now holding more Pi, available for trading or selling, which could add further downward pressure on prices.
Volume Indicates Low Market Activity
Pi's spot volume on centralized exchanges did not show significant improvement in November. 24-hour volume is currently around $30 million.
Data from CoinMarketCap shows that Pi's monthly volume dropped to just $1.2 billion last month. Both price and volume fell in tandem.
Weak liquidation , coupled with continuous unlocking and Pi inflows into the exchange, could further intensify the bearish trend.
Pi Supporters Remain Confident Despite Pressure
Despite the negative signals, the Pi support community remains optimistic.
An X account named Dao World, who calls himself a Pioneer, argued that although Pi has a large Max Supply , the actual circulating supply is only around 3 billion. He added that the Pi Core Team is not selling off.
He also suggested that a few market makers (MMs) on some exchanges largely control the current price of Pi. Once the selling pressure is fully absorbed, he believes the price could recover.
Several other Pioneers echoed the sentiment, saying the current $0.20 price zone represents a buying opportunity — a price they believe will be remembered with “positive nostalgia” in the future.
