According to crypto.news data, Pi Network (PI) traded near $0.128 on June 12 after rebounding from its June 6 low around $0.119. The token gained roughly 1.8% over the past 24 hours as Bitcoin climbed more than 2% and the total cryptocurrency market capitalization rose to $2.18 trillion. The recovery followed improved risk appetite after reports that President Donald Trump halted planned U.S. airstrikes against Iran, while traders also reacted to SpaceX's public market debut and its reported Bitcoin holdings.
The four-hour chart shows PI forming an inverse cup-and-handle pattern after its recovery from the June 6 low near $0.119. Price climbed toward $0.132 before losing momentum and carving out a downward-sloping handle beneath resistance. The structure places key support between $0.124 and $0.125. A breakdown below that zone would confirm the bearish continuation pattern and expose the measured target near $0.116, which would place the June all-time low back under pressure. As per technical analysis, bulls must reclaim $0.130 and then break above the descending trendline near $0.145 to invalidate the current bearish structure.
Fresh supply continues to enter circulation at a rapid pace with 144.45 million PI tokens scheduled to be released over the next 30 days, representing about 2.33% of locked supply. Average daily unlocks stand near 4.8 million tokens, while June 12 alone is scheduled to see more than 14.8 million PI unlocked, the largest single-day release during the period. Exchange flows have started to improve with 579,018 PI leaving tracked centralized exchanges against inflows of 319,304 PI, resulting in net outflows of 259,714 tokens.
June 18 has emerged as the next major catalyst for the ecosystem, with the Pi Core Team requiring all Mainnet node operators to complete the Protocol 25 upgrade by that date. The upgrade introduces compatibility with Stellar Core V20 and lays the groundwork for Soroban smart contracts, a development many holders view as a step toward DeFi and tokenization use cases. Exchange balances stood at roughly 546.4 million PI, while most major trading venues recorded negative daily flows, though reduced exchange balances can ease immediate selling pressure.
The combination of persistent token unlocks, weak long-term trend structure, and a developing bearish pattern leaves PI vulnerable to another breakdown. A decisive move below $0.124 would increase the probability of a retest of $0.119 and could open the door to a fresh all-time low below the June bottom. However, recent technical indicators suggest potential for recovery, with the Relative Strength Index (RSI) approaching oversold conditions near 43 and the MACD forming positive divergence patterns. These bullish signals, combined with strong network activity and institutional interest, could provide support for a potential rebound if key support levels hold.
