Pi’s price has collapsed 92% since its February high of $2.98 due to months of sell-offs, weak liquidity, and rising investor distrust. But now the network is rolling out new Decentralized Finance (DeFi) features on its Testnet. Can these upgrades rescue it — or is the damage too deep? Find out in this analysis.
Pi Network Tries to Rebuild After $18 Billion Value Loss
Pi Network’s token has fallen to around $0.26, wiping out more than $18 billion in market value. The drop began after large holders started offloading tokens earlier this year. That sell pressure, combined with Pi’s limited exchange listings, triggered a steady decline that fueled accusations of insider selling and “rug pull” behavior.
The Pi Core Team is now attempting to rebuild momentum through a new DeFi ecosystem that it says will turn Pi into a functional blockchain network rather than a speculative asset.
The new features include a Pi Decentralized Exchange (DEX), automated market-maker (AMM) liquidity pools, and token-creation tools. The token creation tools allow users to experiment with minting and trading in a test environment. They are currently active only on the Testnet, meaning they use tokens with no real-world value.
In its statement, the Pi Core Team said these tools will help users understand how DeFi works before real PI tokens become usable. The goal is to build technical readiness so that, once Pi moves to Mainnet, users can immediately create and use decentralized applications.
Co-founder Dr. Chengdiao Fan introduced these upgrades at the TOKEN2049 conference in Singapore. He called them part of Pi’s shift toward creating practical use cases instead of relying on hype. The team also restated its broader vision: to develop Web3-based services. These include staking, .pi domains, and an advertising platform called the Oi Ad Network — all designed to give the token long-term purpose.
Token Still Trapped in a Downtrend
On the technical chart, Pi remains stuck inside a descending channel that has guided prices lower since February. As of Oct. 8, PI to USD was trading around $0.2402, down about 3% on the day.
The exponential moving averages (EMAs) are all trending downward. The token sits below each of them, which means buyers have yet to regain any real control.
Immediate resistance is around $0.32, where the 50-day EMA meets the top of the channel. The mid-range support is between $0.22 and $0.23, while the lower boundary extends to $0.18. If the price fails to stay above that support, the next decline could drag PI toward $0.15.
The Relative Strength Index (RSI) stands at 25.9, well into oversold territory. This could allow a short-term bounce, but history shows that oversold readings during strong downtrends often last for weeks. Trading volumes have also thinned since August, a sign that fewer traders are participating.
If Pi price climbs back above $0.30 and holds that level, it could target $0.40 next and possibly $0.61 (the 200-day EMA). A confirmed break above those levels might push prices toward $1. However, that would require strong liquidity and Mainnet adoption — neither of which exists yet.
Is a New ATH Possible?
As for Pi returning to its all-time high, the token would need to rise by nearly 900%. Analysts doubt that can happen without new listings on major exchanges and better liquidity. Daily trading volume has fallen sharply since mid-year, and data from exchange trackers show that most trades now occur on a few smaller platforms such as OKX and Gate.io.
Adding to the concern are upcoming token unlocks that could release more PI into circulation. If demand remains low, those releases might push prices even lower.
Stay with us for continuing coverage as Pi Network’s DeFi rollout, exchange liquidity, and on-chain metrics reveal whether its latest rebuild can restore investor confidence or signal a deeper structural decline.