After years of anticipation, PI finally debuted in February 2025 and surged, promptly reaching an all-time high price of $3 on Feb. 26.
However, the hype was short-lived. Since its high, PI has entered a steep downtrend, losing nearly 80% of its value.
Positive Pi Network news failed to push the price higher last week, and PI risks falling to a new all-time low.
Let’s examine the charts and see what lies ahead for PI in May.
Pi Network Mainnet Migration
On April 18, the Pi Network team announced the Mainnet Migration Roadmap and explained PI tokenomics and supply allocation.
The announcement drew an adverse reaction from the community because it did not provide specific time frames and updates regarding decentralized exchanges, applications, and utilities.
According to the roadmap, the team will prioritize initial and second-phase migration and then move to periodic ones.
It also clarified that the maximum PI supply is 100 billion tokens. So far, only a portion of that has moved to the mainnet, which is called the Effective Total Supply.
This supply will grow as more users join the mainnet and is based on the mining rewards. More specifically, this supply is 65% of all mining rewards and will go to the community.
Then, 10%, 5%, and 20% will go to the foundation, liquidity, and core teams.
PI Price Reaches Resistance
PI’s price pumped shortly after its launch but has fallen significantly since its all-time high of $3 on Feb. 26.
The token’s downward movement led to a low of $0.40 on April 5, an 87% decline from its all-time high.
However, PI created a bullish candlestick on April 5 (green icon) and has increased since, reaching the $0.75 resistance area.
The wave count suggests PI is in wave four of a five-wave downward movement (red).
If the count is accurate, PI will soon reach a local top and begin another decline to a new time low of $0.172.
Alternatively, a breakout and close above the $0.78 resistance area will invalidate this bearish PI price prediction.
If that happens, PI could increase to the 0.382 Fibonacci retracement resistance at $1.37.
