PI is trading around $0.2025 with low liquidity (~$10M daily volume) and remains ~93% below its ATH. January will see a 134 million PI unlock (~$27M), smaller than December’s 190M, and the pace of unlocks is expected to decline in H1 (reducing inflation). The Pi team has deployed part of a $100M ecosystem fund into CiDi Games and OpenMind, is trialing a DEX and AMM with mainnet planned for 2026, and ran a hackathon (winner Blind Lounge). Technical indicators are bearish: price below the 50-day EMA, red Supertrend, key support at $0.1514 (ATH low) and resistance/neckline at $0.2823.

Bearish: price is trading at ~$0.2025 (~93% below ATH) with low liquidity (~$10M daily volume) and bearish technicals (below 50‑day EMA, red Supertrend, support $0.1514, resistance $0.2823). Market-impacting supply event: 134M PI (~$27M) unlock in January (though smaller than December’s 190M) and ongoing unlock pace expected to decline in H1. Team updates (partial deployment of a $100M fund, DEX/AMM trials, hackathon) are development positives but do not offset near-term sell-side pressure from the unlock and weak technicals.