Here’s Why It’s Hard to Stay Bullish

“At some point, you have to ask if this is innovation … or just a waste of time and opportunity cost,” said one X user.

Unlike many leading cryptocurrencies, Pi Network’s native token failed to post a major surge in the opening days of the new year.

It has been in a very volatile situation for the past few months, making some analysts pessimistic about the future. Meanwhile, some indicators suggest another pullback may be on the horizon.

‘It’s Hard to Stay Strong’

PI is currently trading around $0.20 (per CoinGecko data), which represents a modest 2% increase on a weekly basis and a massive 93% fall from the all-time high of $3 seen in February of last year.

Users of pinetworkmembers X, who have been very critical of the project as of late, say that it is “hard to stay cheap” on PI at the moment. They noted that this asset did not rise when BTC jumped in early 2026, explaining several price obstacles.

The main ones include the lack of support from large exchanges, “no real open mainnet,” unclear supply, centralized control, closed balance, and so on.

“At some point, you have to ask if this is an innovation… or just a waste of time and opportunity cost,” they added.

A rising exchange rate reinforces the bearish outlook. About 1.8 million tokens were transferred to central platforms in just 24 hours, which is often considered a pre-sale step.

As of now, more than 425 million PI are held in exchange, about 52% of that amount held by Gate.io. Bitget comes in second place with about 148 million coins.

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Something for the Bulls

Some commentators are refusing to wave the white flag, saying there may be another knock on the door. X operator Vuori Trading said PI was breaking out of an eight-month slump, predicting that the price could soon rise to $0.57.

Before that, Aman opined that the stock was “consolidating below key resistance after trending higher.” The market watcher has predicted new highs if the price rises above $0.215.

Future token unlocks should also be considered. More than 130 million PIs are scheduled to be released in the next 30 days, with today (January 8) being a record day, with 5.3 million coins released. The daily opening average is around 4.36 million, which is more aggressive than previous months and may provide short-term price stability.