Pi Coin Price Rebounds 30% in May, but Ecosystem Risks Persist

Pi Network (PI/USDT) is at $0.8277, up 30% from the May 17 low of $0.69. Volatility has picked up with trading volume at $548 million, a 150% increase. PI is still 77% off the February all-time high of $2.99.

From a technical standpoint, the 4-hour chart shows PI has reclaimed the 50-EMA at $0.8081 and the 0.786 Fibonacci level at $0.8072 is support. A close above this zone could lead to $0.9928, then $1.1235, and $1.2554. But the MACD histogram is flattening, suggesting loss of upside momentum. If PI breaks $0.8072, bears could test $0.6787 or lower.

User Frustration and Ecosystem Limitations

While price is improving, Pi still has structural issues. Millions of users are locked out of wallet access due to KYC delays and mainnet migration, especially in China. These operational roadblocks have eroded community confidence and slowed token circulation.

Also:

• Millions of users are still locked out of wallet access due to KYC delays and mainnet migration.

• Mainnet migration has stalled.

• No listing on major exchanges like Binance or Coinbase. Despite community votes in favor of a Binance listing, PI’s market depth on OKX is under $100,000.

• No DeFi protocols or dApps have launched to support organic demand.

• The $1.35 spike on May 14 after the $100M Pi Ventures Fund announcement was short-lived.

• Token is still largely speculative, with no functional utility underpinning its growth.

Token Unlocks and Long-Term Structural Risks

Looking ahead, PI has 1.47 billion tokens to unlock in the next year. Without token burns or new demand drivers, increased supply could pressure prices.

Also:

• Regulatory uncertainty in multiple jurisdictions

• Insider selling

• Community debates around centralized governance

Summary

PI needs to hold above $0.8072 and break $0.9928 for bullish to continue. A listing or some ecosystem progress could get PI back to $1.00. Until then, cautious is the way.