On May 29, 2025, the 4-hour chart of Pi Network (PI/USDT) on OKX created a bearish pennant pattern.
A bearish pennant pattern forms after a sharp price drop, followed by short consolidation inside converging trendlines, and typically signals further downside movement.
The token is already down 7% from the current price of $0.7034. If the pattern confirms, the price can drop 91% from the current level to around $0.0616.
This setup started with a steep fall from above $1.60 between May 14 and May 17, forming the flagpole. Then, the price moved inside a narrowing triangle with declining volume, shaping the pennant.
Currently, the price trades below the 50-period Exponential Moving Average (EMA), which stands at $0.7596. This moving average gives more weight to recent prices and acts as dynamic resistance. The volume on the chart shows lower activity during consolidation, which is common before a breakout.
If the price breaks below the lower red trendline with increased volume, that would confirm the bearish pennant. This move would likely open the way for further decline toward the projected target.
RSI Drops Near Oversold Zone as Selling Pressure Builds
On May 29, 2025, the 14-period Relative Strength Index (RSI) for Pi Network reached 30.24, with its moving average at 36.97. The RSI measures market momentum and shows whether a token is overbought or oversold. When the value approaches 30, it signals potential oversold conditions and growing downside pressure.
The RSI has moved consistently lower since May 13 and now sits below its own average. This confirms that sellers continue to dominate. Every attempt to push the RSI above 50 failed in the last two weeks, showing that buyers could not regain control.
The RSI trend supports the earlier bearish pennant pattern seen on the price chart. Together, these signals suggest increasing weakness in market momentum and the possibility of further declines.
Gate.io Leads Pi Network Net Inflows as CEX Wallets Add Over 2.6M Tokens
Meanwhile, on May 29, 2025, centralized exchange (CEX) wallets held a total of 320.3 million Pi tokens across six tracked platforms. Gate.io showed the strongest inflow, receiving over 2 million Pi while recording only 343,016 tokens in outflows. This gave it the highest net gain of the day—more than 1.75 million Pi tokens.
Other major exchanges also saw positive flows.MEXC added 535,057 Pi to its holdings, Bitget gained 348,064, and OKX recorded a net inflow of 83,761 tokens. Pionex had mixed results—its main wallet saw a net gain of 2,153 Pi, while another wallet registered an outflow of 81,864 tokens.
Altogether, the combined net inflow reached 2.64 million Pi in 24 hours. Total inflows stood at 8.82 million Pi, while outflows were 6.18 million. The overall USD balance of these wallets reached $225.36 million, with Gate.io holding the highest at $104.8 million.
This activity reflects steady accumulation across major exchanges during the ongoing price consolidation.
