Pi Coin stood out as one of the few altcoins trading in positive territory, gaining approximately 1.5% to reach around $0.083, while the broader cryptocurrency market traded lower. The token's resilience comes alongside several notable developments within the Pi Network ecosystem, a mobile-first cryptocurrency project that allows users to mine tokens via a smartphone app and has been working to expand its utility since launching its open mainnet.

Pi Network Completes SLICE Distribution

Pi Network announced that the Pi Launchpad has completed the distribution of its second Testnet token, known as SLICE.

According to the team, the Launchpad app within the Pi Browser now displays individual allocation details, the launch and effective token prices, access to the SLICE liquidity pool, and a chart that tracks changes in the SLICE price relative to Test-Pi. The Pi team is encouraging users—referred to as Pioneers—to explore the post-launch experience and familiarize themselves with how liquidity pools operate through the new price tracking feature.

Pi Launchpad has completed the distribution of its second Testnet token, SLICE! Explore the post-launch experience and see how liquidity pools work through the new price tracking feature! The Launchpad app in Pi Browser shows individual allocation details, the launch and… pic.twitter.com/9N0RmQz6UG — Pi Network (@PiCoreTeam) July 24, 2026

This marks the second testnet token launch for Pi Network. In crypto development broadly, testnet tokens serve as a sandbox for projects to validate token mechanics, user flows, and decentralized exchange features before committing to live mainnet conditions where real value is at stake. The team noted that the first test token yielded useful data and highlighted areas where the Launchpad experience required refinement. The updated participation flow has been simplified, centering on the commitment amount and what the project calls the "fair-access hold." Users can access the Pi mining app for additional details on the SLICE launch and liquidity pool mechanics.

Technical Analysis of the PI/USDT Chart

On the 4-hour PI/USDT chart, the trend remains firmly bearish. Price has printed a consistent sequence of lower highs and lower lows since late April. Each recovery attempt has been met with selling pressure, indicating that sellers remain in control of the broader directional trend. The current price of approximately $0.0837 is trading well below the declining 200-period moving average, which sits near $0.159, underscoring the weakness in the medium-term structure.

The most significant support level lies in the $0.080–$0.082 area, where price is currently attempting to stabilize. This zone has attracted buyers on multiple occasions over the past week, serving as the primary line of defense. A decisive break below this level would expose the recent swing low around $0.070–$0.073. If that level fails to hold, the next downside target sits near $0.065.

On the upside, immediate resistance is located between $0.090 and $0.095, followed by a stronger supply zone between $0.100 and $0.105, where previous rebounds have repeatedly stalled. Beyond that, the $0.120–$0.130 range represents the next major resistance area.

The 14-period RSI is approximately 37, which is below the neutral 50 threshold but still above the oversold reading of 30. This reading suggests bearish momentum remains dominant, though the market is approaching levels where selling pressure may become exhausted. A move in the RSI back above 45–50 would provide an initial technical indication that buyers are regaining strength, while a drop below 30 would likely coincide with another sharp leg lower.

The recent bounce from approximately $0.072 toward $0.098 failed to establish a higher high, and price has since drifted back toward support. That rejection reinforces the bearish trend and suggests buyers currently lack the volume necessary to sustain a breakout. However, recent candles show reduced volatility compared to the heavy sell-off earlier in July, which may indicate the market is entering a consolidation phase.

The most probable near-term scenario involves continued consolidation between $0.080 and $0.095. A move above $0.095–$0.100, particularly with rising volume and an RSI recovery above 50, could push price toward the $0.110–$0.120 range. Conversely, if $0.080 fails to hold, bearish momentum would likely resume, with $0.070 as the next target.

SLICE Launch and Its Impact on PI Price

The SLICE launch represents a positive development for the Pi ecosystem, demonstrating the team's continued progress in building and testing new features. The liquidity pool mechanics and price tracking capabilities are relevant to the long-term utility of the network.

However, the testnet token launch functions as an ecosystem development rather than a direct market catalyst. Pi's price is driven by supply and demand dynamics, and the supply overhang remains substantial. Over 127 million PI tokens are scheduled to unlock in the coming weeks, and approximately 1.21 billion PI are expected to unlock during 2026. Token unlocks of this scale are a common source of downward pressure across cryptocurrency markets, as newly liquid supply typically outpaces organic demand absorption.

The SLICE distribution does not alter the supply-demand imbalance or generate new demand for PI. It is an internal ecosystem update that external traders are unlikely to factor into their decision-making. For PI price to move higher, a reduction in selling pressure or a meaningful increase in demand would be required.

The technical indicators remain unfavorable: the RSI is weak, the 200-period moving average is positioned far above the current price, and the broader trend continues to show lower highs and lower lows. The 1.5% gain observed today is consistent with a relief bounce rather than a confirmed trend reversal.