Pi Network (PI) is trading around $0.090 on Thursday, extending the three-day recovery it began earlier in the week while still lagging the broader cryptocurrency market.

Pi Network is a mobile-first project launched in 2019 that lets users accrue tokens through a smartphone app rather than energy-intensive mining hardware. Its Open Network launch in February 2025 connected the previously enclosed mainnet to external blockchains and brought PI to trading venues such as OKX, Bitget, Gate.io and MEXC, though the token has yet to secure listings on major platforms including Binance and Coinbase.

Renewed risk appetite has pushed Bitcoin above $71,000 after the US Treasury expanded its longer-term securities buyback operations. Even so, PI has not attracted enough buying pressure to stage a similar rally.

The token would need to clear the psychological $0.1000 level to strengthen its recovery and support a more sustained bullish move.

Treasury buybacks lift crypto sentiment

The US Treasury said it would at least double the maximum size of certain liquidity-support buyback operations from $2 billion to $4 billion per transaction.

The program traces back to May 2024, when the Treasury revived regular buybacks — a liquidity-management tool it had not used since 2002 — as part of its cash-management and market-functioning toolkit.

The measure is meant to support liquidity in the longer-dated Treasury market and address concerns about rising borrowing costs.

Improving bond-market liquidity and easing long-term yields have boosted investor confidence in higher-risk assets, including cryptocurrencies.

Bitcoin has benefited substantially from the shift in sentiment, moving toward $70,000 alongside sharp gains in several major altcoins.

Pi Network, however, remains one of the market’s notable underperformers. Derivatives data points to a modest improvement in speculative interest around PI, but retail demand remains relatively weak.

The token’s supply schedule is another variable: Pi Network continues to release new PI into circulation through scheduled monthly unlocks, a flow that traders track alongside demand-side indicators such as open interest.

CoinAnk data shows that PI futures open interest rose to $9.30 million from $8.82 million the previous day. Open interest measures the total value of outstanding derivatives contracts and typically increases when traders open new positions.

Even with the daily rise, the figure remains well below the July 15 peak of $12.14 million.

That subdued reading suggests traders are still hesitant to commit significant capital to PI, even as improving market conditions encourage risk-taking elsewhere in the cryptocurrency sector.

Without a more meaningful pickup in participation, Pi Network may continue to trail the broader market recovery.

Technical outlook: Can PI rebound toward $0.10?

Pi Network is trading near $0.090 on Thursday, leaving its short-term outlook neutral.

The token posted three consecutive bullish daily closes earlier this week, generating a cumulative gain of about 4%.

PI has also moved above the 78.6% Fibonacci retracement at $0.0839, measured from the decline between $0.1341 and $0.0703. Holding above that level keeps the possibility of a further recovery intact. Fibonacci retracement levels, drawn between a swing high and a swing low, are widely used by traders to map potential support and resistance zones.

Still, PI faces significant resistance near the psychological $0.1000 level. Immediate technical resistance is located at the 50% Fibonacci retracement level of $0.1022.

A decisive daily close above the $0.1000 to $0.1022 zone could strengthen bullish momentum and draw in additional retail participation. Such a move would also suggest that PI is starting to benefit more clearly from the improving sentiment across the broader cryptocurrency market.

Failure to break through that resistance area could leave the token range-bound and raise the risk of renewed selling pressure.

PI’s daily momentum indicators currently point to a cautious recovery rather than a clear bullish reversal.

The Relative Strength Index is hovering near the neutral 50 level, suggesting that neither buyers nor sellers have established firm control.

Meanwhile, the Moving Average Convergence Divergence indicator remains slightly above its signal line, and its bullish histogram is gradually expanding. That setup indicates mild upside momentum, but it is still too weak to confirm a sustained rally.

A stronger RSI move above 50, along with further MACD expansion and rising open interest, would improve PI’s near-term outlook.

The 78.6% Fibonacci retracement at $0.0839 remains PI’s main support level. Buyers need to defend that area to preserve the current recovery structure.

A decisive break below $0.0839 could invalidate the latest rebound and expose the swing low at $0.0703. By contrast, holding above $0.0839 while building momentum toward $0.1000 would keep the recovery scenario intact.