Pi Network’s token price declined for a fifth consecutive day, falling to $0.08123, its lowest level since July 18. The move extended a sharp retreat from PI’s March high near $0.2970, leaving the token down more than 70% from that level.

The decline came even as Pi Network completed another test phase for its token launchpad. While the near-term technical outlook for Pi coin remained weak, the distribution of SLICE marked further progress toward a possible Mainnet launchpad.

Pi Network, which allows users to mine tokens via a mobile app rather than traditional mining hardware, has been building toward a full open Mainnet since launching its enclosed Mainnet phase. The project claims tens of millions of users, referred to as "Pioneers," though the gap between its user base and on-chain activity has been a recurring point of scrutiny.

Pi Launchpad Reaches New Test Milestone

Pi Network said in an X post that it had made substantial progress in its launchpad process. Developers completed distribution of SLICE, the project’s second testnet token.

Users can now access the Launchpad app through the Pi Browser to view their individual allocations, as well as launch and effective prices. They will also be able to access the SLICE liquidity pool and a chart showing SLICE prices against Test-Pi.

Pi’s team intends the launchpad to serve as a platform where developers can introduce utility tokens. Unlike many tokens launched on large chains such as Ethereum and Solana, Pi’s launchpad tokens are expected to be tied to specific utility. The approach mirrors a broader trend in crypto, where launchpad platforms such as Binance Launchpad and CoinList have become key venues for distributing new tokens, though Pi's emphasis on utility-linked tokens represents a distinct positioning.

The milestone follows a series of network upgrades by Pi developers. The team recently completed the Protocol 25 upgrade, which followed earlier changes intended to make Pi a more stable network and add new features.

One of the most significant updates came with Protocol 22, which introduced smart contracts to the chain. Smart contracts are self-executing programs stored on a blockchain that run when predetermined conditions are met. They are a key component of decentralized applications, including those used in decentralized finance, real-world asset tokenization and non-fungible tokens.

The availability of smart contracts means developers could eventually build applications similar to Aave, Uniswap, Hyperliquid and Jito on Pi Network. Such applications could increase the utility of the Pi token.

The launchpad progress is also relevant to PiDEX, an upcoming product from Pi’s developers that is expected to allow users to trade Pi tokens.

Pi Coin Faces Demand and Unlock Pressures

Despite the development progress, Pi Network’s price continues to face notable challenges that may affect its performance.

Demand has shown signs of weakening in recent months. CoinMarketCap data shows PI’s daily trading volume is below $10 million, a small amount for a crypto project ranked among the top 50. That volume figure stands in contrast to the project's reported user base, underscoring the limited proportion of holders actively transacting.

The decline in volume is occurring as the network continues to unlock millions of tokens. Data shows that about 1.72 billion tokens are scheduled to be unlocked over the next 12 months. At the current price, those tokens are worth more than $139 million.

Token unlocks increase circulating supply, which can become a risk when demand is limited. Pi Network also faces concerns that some of its early supporters may have reduced their exposure. Data shows that more than 14 million people hold less than $1 worth of tokens, which the source interpreted as an indication that many have sold most of their holdings.

Pi Token Technical Setup Remains Weak

The daily chart showed that Pi Network’s price has fallen sharply since March. PI dropped from about $0.2970 to a July low near $0.071. CoinMarketCap recorded the token’s lowest price at $0.07072 on July 14.

A subsequent recovery attempt stalled near $0.1032 on July 19. Sellers then pushed Pi coin back toward $0.081.

PI remained below its main moving averages and the Supertrend indicator, a structure that showed sellers retained control of the broader trend. The Relative Strength Index also continued to move lower, although the indicator had not confirmed that another decline would occur.

The first key support level was near $0.0800. A daily close below that level could expose the July low between $0.0707 and $0.0713.

A confirmed break below the year-to-date low could shift attention toward $0.0600. The psychological $0.0500 level would remain a deeper downside target.

On the upside, Pi Network’s price would first need to reclaim $0.0900. Further resistance was near $0.1032, where the latest recovery attempt failed.

A move above $0.1032 would weaken the immediate bearish setup and could expose the next resistance area near $0.1200.

The SLICE distribution improved Pi Network’s development outlook, but it did not reverse PI’s bearish market structure. Pi coin remained vulnerable while trading below $0.1032, while a break below $0.0707 would confirm another bearish leg.