- Pi Network recovery has slowed as weak social activity and declining Open Interest reduce buying interest.
- PI remains under pressure near key support levels, with a possible decline toward new lows if the $0.0700 support level fails.
Pi Network (PI) struggles to extend its recovery as weak community engagement and falling Open Interest signal reduced demand. Despite the Mainnet upgrade announcement, PI remains vulnerable to a fresh record low if key support levels break.
Pi Network Mainnet Upgrade Fails to Boost Interest
Pi Network recently announced an upgrade to Stellar Protocol version 26 for its Mainnet, with the update deadline set for August 11. However, the news did not create the expected rise in retail demand or speculative activity around PI.
Social interest around Pi Network has also declined. Data from Santiment showed PI’s Social Volume falling to 15 on Thursday from 20 the previous day. Social Dominance dropped from 0.020% to 0.010%, showing reduced attention compared with earlier periods of strong community activity.
Previous spikes in social engagement during March and late April were linked with increased buying pressure. The recent decline suggests that market excitement around PI has cooled.
PI Open Interest Declines as Speculation Weakens
Futures market activity has also slowed. Data from CoinAnk showed Pi Network’s Open Interest falling to $8.22 million on Friday from $12.14 million on July 15.
The decline indicates that traders are reducing speculative positions. Lower Open Interest often reflects weaker market participation and limited confidence among short-term traders.
Despite the weaker demand, PI has managed to hold above the $0.0800 level after recording three consecutive days of mild recovery. The price bounce shows some buying interest, but the recovery remains fragile.
PI Price Analysis Shows Critical Support Levels
Pi Network’s technical outlook remains mixed. PI continues to trade inside a falling channel on the daily chart, keeping the broader trend bearish.
PI has found support near the $0.0700 level, which remains a key area for buyers. A stronger defense of this zone could help PI extend its recovery.
Technical indicators show signs of stabilization but not a confirmed reversal. The RSI has recovered from oversold conditions and currently sits near 37. Meanwhile, the MACD has moved above its signal line, suggesting possible consolidation.
For a stronger recovery, PI needs to break above the resistance zone around $0.0961. This level previously rejected the price recovery on July 20.
If selling pressure returns and PI loses the $0.0700 support, the token could face renewed downside pressure. A deeper decline may expose the $0.0368 area, which represents a potential target based on the 161.8% Fibonacci extension level.
Pi Network’s short-term direction will likely depend on whether buyers can restore demand and push PI above resistance levels. Without stronger market interest, the risk of another record low remains.
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