Trading data for Pi Network (PI) signals a bearish outlook for its price in November. Although Pi has already dropped more than 90% from its peak, market forces may continue to push the price lower.

What are the warning signs, and how do Pi’s loyal supporters explain them?

A Massive Amount of Pi Tokens Being Unlocked

First, Piscan data shows that the number of Pi unlocked per day is up to 4.85 million PI, and the number of Pi unlocked in the next 30 days is up to 145 million Pi.

Number of Pi Tokens Unlocked Per Day. Source: Piscan

Piscan data also reveals that in December, more than 173 million Pi will be unlocked — the highest monthly unlock volume until September 2027.

This steady and increasing unlock pressure is likely to persist through the end of the year, creating a significant obstacle to any price recovery on exchanges.

Rising Exchange Balances Indicate Continuous Selling Pressure

The amount of Pi held on exchanges continues to increase in November.

Pi Supply on Exchanges. Source: Piscan.

According to Pi Network’s early-month report, there were about 423 million Pi on exchanges. By mid-November, that figure had climbed to nearly 426 million Pi, marking an all-time high.

Pi Reserves on CEXs by Month. Source: Data Curated by BeInCrypto

Such growth in exchange reserves indicates that exchanges now hold more Pi tokens, ready for trading or sale, which could put downward pressure on prices.

Weak Trading Volume Reflects Low Market Activity

Spot trading volume for Pi on centralized exchanges has shown little improvement in November. The 24-hour trading volume currently hovers around $30 million.

CoinMarketCap data indicates that Pi’s monthly trading volume fell to just $1.2 billion last month. Both price and trading volume have declined in parallel.

Pi Monthly Price & Trading Volume. Source: CoinmarketCap.

Weak liquidity, along with the constant unlocking and inflow of Pi to exchanges, could intensify the downward price movement.

Pi Supporters Remain Confident Despite the Pressure

Despite the bearish signals, Pi supporters remain optimistic.

An X account named Dao World, identifying as a Pioneer, argued that while Pi has a large maximum supply, the actual circulating amount is only around 3 billion. The Pi Core Team, he noted, has not been aggressively selling.

He also suggested that a few market makers (MM) on certain exchanges mainly control Pi’s current price. Once selling pressure is fully absorbed, he believes the price could rebound.

Several other Pioneers share this view, claiming that the current $0.20 range presents a buying opportunity — one they expect will be remembered fondly in the future.