Pi Network Coin Blasts Past $1 — But Will May 14 Attract Sellers?

Pi Network’s native token, PI, has come under renewed market pressure ahead of a much-hyped announcement teased by its core team. Despite its recent burst of bullishness, PI coin price remains over 55% down from its Feb. 2025 highs near $3.00, trading around $1.33 as of May 13. Sentiment remains weak despite community efforts to reignite bullish momentum. A tweet from Pi News shows centralized exchanges now hold over 287 million PI coins. Bitget leads with 100.6 million PI, followed by OKX with 33.2 million. These exchange balances raise questions about liquidity management and selling risk, especially if market makers rotate large PI volumes around the upcoming announcement. The Pi Network team has not disclosed what the announcement will involve. However, social media channels are flooded with speculation, including rumors of an open mainnet rollout, an updated roadmap, or a centralized exchange deal. These narratives are based entirely on community assumptions, with no official details released. Despite the rumors, price action shows no sign of reversal. Selling pressure has intensified, and short-term traders appear unconvinced by the team’s vague communication strategy. As of now, the speculative buzz has failed to deliver meaningful upside. Price Action Turns Volatile as Pi Coin Faces Rejection Pi Network’s price action on May 13 shows signs of speculative positioning ahead of the anticipated core team announcement. The daily candle remains a minuscule body with long enough wicks to replace a Chinese dragon’s whiskers. Traders are likely buying, with the behavior a textbook example of the ‘buy the rumor’ market saying. As such, market participants remained well-positioned for a potential post-announcement breakout. However, if what follows is the latter half of the market saying, it could spell doom for the Pi Network coin price. The token reached its highest level in 2 months as it rallied to $1.67 on May 12. However, the price candle’s long upper wick underscores the bearish pressure against PI coin. From May 12’s high, the Pi Network token dropped over 40% to reach a daily low near $0.996 on May 13. The chart shows that PI price briefly pierced above the 0.618 Fib level near $1.29 before rejecting hard. This level now acts as the first key resistance. A daily close above it would target the resistance near $1.47, which aligns with the 0.786 Fib level and an earlier price rejection zone from March. Flipping the immediate resistance would target the resistance near $1.71, but that level remains out of reach unless momentum returns decisively. On the downside, PI price has immediate support near $1.01. A breakdown below this threshold could expose the token to further downside toward the $0.847 level. These levels coincide with the 0.382 and 0.236 retracement zones and served as accumulation points in early May. The daily RSI remains elevated near 81, flashing a textbook overbought signal. Meanwhile, volume shows a marked increase over the last two sessions, confirming that traders are actively rotating in and out. If the May 14 announcement fails to deliver, the current setup leaves PI vulnerable to a rapid downside correction.