Pi Network Price Holds Steady Amid New DeFi Features
Pi Network (PI) price has stayed stable for 11 days. It remains above the $0.2565 support level. In the last 24 hours, nearly 13 million PI tokens left Centralized Exchanges (CEXs). Despite this, and the launch of DeFi features on Pi Testnet after Token2049, Pi Network has not gained much attention.
Pi Network Launches DeFi Tools on Testnet
Pi Network co-founder Nicolas Kokkalis reactivated his X account on Friday. He announced the launch of Pi Decentralized Exchange (DEX), AMM liquidity pools, and token creation tools. These features are now live on Pi Testnet. This is a key step for smart contract development on Pi Network.
The update aligns with the upgrade of Pi’s base blockchain, Stellar, to protocol 23. These DeFi tools expand Pi Network’s use beyond mobile mining. However, the testnet launch did not boost investor interest. The PI price remains in consolidation.
CEX Outflows Rise but Selling Pressure Remains
PiScan data shows a net outflow of 12.9 million PI tokens from CEX wallets in 24 hours. This is about 3% of the 432.63 million PI tokens held on exchanges. Lower CEX balances could reduce selling pressure and support price stability or growth.
Still, most PI tokens are held off exchanges. CEX wallets hold only 5.24% of the total 8.24 billion circulating PI tokens. This means a large supply remains outside exchanges, which could affect price if sold.
PI Price Faces Risk of Downside Break
On Monday, PI trades above $0.2600, continuing a sideways trend after a 6% drop on September 26. The consolidation may break lower as momentum and retail interest weaken.
Technical indicators show mixed signals. The Relative Strength Index (RSI) is flat near 29, indicating oversold conditions. The Moving Average Convergence Divergence (MACD) is close to crossing its signal line, which could signal a bullish trend if it happens.
If PI holds above $0.2565, it may test last week’s high at $0.2796 and then the $0.3000 level. A drop below $0.2565 could push the price down to $0.2000.
