Pi Network’s native cryptocurrency, Pi [PI], fell more than 10% over the past 24 hours, reversing part of the gains recorded after the project’s v25 protocol upgrade. The decline followed an 11% advance that came shortly after the upgrade, but the move has since unraveled as selling pressure increased.

Trading volume for PI rose by about 35% during the decline, indicating higher market activity while the token moved lower. In contrast, Bitcoin’s [BTC] trading volume fell over the same period, suggesting that traders were less active across the broader market.

That divergence pointed to stronger coin-specific pressure on PI rather than a market-wide increase in trading activity. Alongside a bearish market structure, profit-taking and upcoming token unlocks contributed to the latest sell-off.

PI trades near its all-time low

PI’s daily market structure remained bearish, while its hourly structure also turned negative. The reversal came only days after the token gained short-term momentum following the v25 protocol upgrade.

Bears regained control after PI broke below the ascending trendline that had formed from its all-time low. The token previously reached an all-time low of $0.07036 before recovering toward $0.10072. After the latest breakdown, PI was trading around 13% above that record low.

Technical indicators also pointed to weakening conditions. The Moving Average Convergence Divergence [MACD] showed strengthening bearish momentum, while the Relative Strength Index [RSI] fell to 18, placing PI deep in oversold territory.

A break below $0.0800 could expose the $0.07036 all-time low [ATL]. However, the oversold RSI may indicate seller exhaustion and leave room for a short-term reversal.

Buyers could also return near demand levels above the record low, especially if another positive catalyst emerges. Even so, PI would need to reclaim the broken trendline before the market structure would suggest that bulls had regained control.

Profit-taking and token unlocks add pressure

Part of the selling pressure appears to be linked to profit-taking after the surge driven by excitement around the v25 protocol upgrade. From its ATL of $0.07036 to $0.10072, PI posted a move of more than 43%.

Additional pressure is also tied to heavy token unlocks scheduled through December 2026. Pi Network is set to unlock 775.8 million PI tokens in the months leading up to the end of the year, which will continue increasing liquid supply in the market. Token unlocks — a mechanism by which previously locked coins gradually become transferable — are a common source of supply pressure in cryptocurrency projects, particularly during early post-mainnet phases when circulating supply is still expanding toward its fully diluted total.

At the same time, additional supply could improve market liquidity and support greater trading activity. Better liquidity may help reduce sharp price swings, but it cannot absorb persistent selling on its own.

As a result, PI’s outlook depends on whether new demand can match profit-taking and unlock-related supply. Without stronger demand, the latest decline could develop into a deeper retest of $0.07036.

Pi Network has now fallen more than 10% in the past 24 hours after breaking below a key market structure. The token remains under pressure from profit-taking and scheduled unlocks, while stronger liquidity could help cushion the sell-off if demand improves.