Pi Network (PI) Price Watch: 2nd Mainnet Migration Speculation Sends Token Tanking

A Pi Network PI $0.35 24h volatility: 5.7% Market cap: $2.79 B Vol. 24h: $81.33 M community moderator suggested the possibility of a second mainnet migration in 2025.

The comment, which emerged during a discussion around long-delayed referral bonuses and unverified balances, brought PI back in the spotlight.

Influencer Woody Lightyear shared the discussion on X, pointing out that Pi moderators have acknowledged that a second migration is indeed possible this year.

The Times of PiNetwork later explained that such a migration would specifically focus on tokens that remain unmigrated, including referral mining rewards and balances from users who recently completed KYC verification.

Why a second migration matters

The first migration proved Pi’s scalability, onboarding early adopters. A second migration, however, would address frustrations that have built up over years of delays.

Many pioneers still hold balances that cannot be transferred, leaving parts of the community sidelined. By unlocking these tokens, Pi could significantly increase the number of active wallets and strengthen network liquidity.

Meanwhile, analysts caution that the Pi Core Team may deliberately delay a large-scale release. With Pi’s price hovering between $0.30 and $0.40, a sudden injection of new supply could increase selling pressure.

Pi price analysis: bearish breakdown in play

On the 3-hour chart, PI recently broke down from a symmetrical triangle pattern, suggesting bearish momentum is gaining ground. The token currently trades near $0.36, slipping below the key $0.37 support zone.

Interestingly, the RSI has dropped to 26, signaling oversold conditions but also reflecting the strong selling pressure. The CMF sits at –0.18, showing capital outflows, while the BoP indicator shows a deeply negative reading of –0.89.

PI Network’s daily chart with a symmetrical triangle pattern. | Source: TradingView

If downside momentum continues, PI could retest the $0.35 psychological level and possibly slide toward $0.32 in the short term.

On the upside, recovery would require reclaiming $0.38, followed by a stronger push toward $0.40, making PI a top crypto to buy in 2025. Until then, volatility is likely to persist, with community speculation doing little to offset price weakness.

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