Pi Coin touched an all-time low on January 20, and posted a short-lived rebound that traders called fragile. Price data compiled that day showed a nadir near $0.1502 and a subsequent bounce toward the $0.19 area, driven by a sharp spike in volume.
On January 20, Pi recorded a record low around $0.1502; alternative reporting places the low at $0.1523. The token then recovered to roughly $0.1868, with other outlets reporting intraday prints up to $0.189 or $0.207. Reported 24-hour activity surged roughly 288.40% to $32,857,720 (about $28 million), signaling short-term trading interest rather than a broad return of market depth, according to coverage from January 20.
Centralized-exchange balances declined slightly: CEX-held Pi stood at about 420 million tokens as of January 20, down nearly 7 million since early January, suggesting some holders withdrew funds following the sell-off. Technical studies cited in the same coverage identified a double-bottom around $0.1523 with a neckline near $0.2835 and a hammer candlestick at the low—patterns that can presage short-lived rebounds, but not guaranteed trend reversals.
Structural risks and market implications
Despite the brief price stabilization, three structural issues dominate Pi’s near-term outlook.
First, a large token unlock—estimated at 95 million to 140 million Pi— is set to occur within the next 30 days, which will increase circulating supply and is likely to add selling pressure. Second, overall liquidity remains critically low: weekly volumes are down roughly 99% from the peak weeks that exceeded $10 billion in March 2025, creating a shallow market prone to volatility and slippage. Third, regulatory and listing uncertainty persists, deterring institutional flows and constraining on‑ramp options, according to the reporting.
On the positive side, on-chain and ecosystem metrics showed pockets of activity: Q4 2025 transacted Pi rose about 700% to 48.9 million, and development work such as an ‘All-in-One Payment Library’ was noted. Those advances, however, have not yet translated into a durable liquidity base or consistent price support.
Technically, analysts cited resistance around $0.208–$0.250 and a nearer resistance band of $0.216–$0.225; a decisive break above those levels could lift price toward $0.230–$0.250. Conversely, loss of support at roughly $0.1523 could reopen downside toward the $0.10 area, representing a material drawdown from current levels.
Investors, treasuries and traders are now focused on the imminent token unlock and the accompanying flow dynamics: that event will test whether recent volume spikes represent genuine renewed demand or a transient bounce in an otherwise thin market.
