Pi Network RPC server startup, supply pressure obstructs a technical rebound for PI

On Wednesday, the Pi Network core team announced that the remote procedure call (RPC) servers for the testnet have officially gone live, allowing developers to simulate, test, and deploy smart contracts on-chain. This marks an important technical milestone for ecosystem development. PiScan data shows that more than 1.21 million PI tokens have flowed into centralized exchanges (CEX). The core team has also同步 (simultaneously) sold off more than 21.8 million tokens, with cumulative pressure continuing to build on the supply side.

Testnet RPC Goes Live: A Foundational Technical Milestone for the Smart-Contract Ecosystem

According to an announcement from Pi Network’s official X account, the testnet RPC servers use a standard JSON-RPC interface, enabling developers to interact with the Pi Network blockchain through industry-standard protocols. This also lays the technical groundwork for later integrations with mainstream crypto wallets such as MetaMask and decentralized applications (dApps).

It’s worth noting that the RPC servers are currently deployed only in the testnet environment and have not yet been running on the mainnet. This means there is still some distance before smart-contract functionality is officially opened to the public. At the same time, retail market sentiment continues to be suppressed by multiple factors: the ongoing second mainnet migration, users’ dissatisfaction with the KYC verification process, and the fact that token liquidity has not been fully opened yet.

Supply-Side Pressure: Dual Selling Pressure Sources and Ongoing Downward Signals

(Source: PiScan)

The sell-off pressure currently faced by the PI token comes from two structural sources, creating a compounded effect:

Core Team Selling: In the recent period, the core team has cumulatively sold about 21.8 million PI tokens. Analysts believe this is related to the second mainnet migration process being pushed forward. While it is considered routine activity, it still adds downward pressure in an environment where market liquidity is relatively weak.

User Recharges Entering the Market: The second mainnet migration allows users to deposit their held PI tokens into CEX. PiScan shows that there are currently more than 1.21 million PI tokens circulating on centralized exchanges. Ongoing recharges bring additional tradable supply, creating structural sell pressure.

The combined effect of these two sell pressures means that even with the positive news of the RPC server going live, the PI token still cannot form effective upward momentum.

Technical Analysis: Triple EMA Suppression and a Bull-Bear Standoff at Key Support Levels

(Source: Trading View)

The PI token is currently trading under comprehensive suppression from three moving averages:

· The 50-day exponential moving average (EMA) is at $0.1863, the 100-day EMA is at $0.1952, and the 200-day EMA is at around $0.2663—forming a layered technical resistance band. The token has consolidated for three consecutive days around the $0.1736 support level, indicating that buyer strength is insufficient to drive an effective breakout.

· The MACD line remains below the signal line and the zero axis, with the histogram showing mild negative values—reflecting weak momentum, though there is no sign of aggressive selling. The Relative Strength Index (RSI) is 44, below the 50 midline, consistent with persistent but moderate bearish pressure.

· Key technical levels to watch: If the daily close falls below $0.1736, support will be tested in sequence at the Feb 23 low of $0.1556 and the Feb 11 low of $0.1310. If market sentiment turns and breaks through the $0.1952 resistance zone, it could pave the way for a retest of the March 7 high of $0.2396.

Frequently Asked Questions

What does the launch of the Pi Network testnet RPC server mean for developers?

The RPC server enables developers to simulate and test smart contracts in the Pi Network testnet environment using the standard JSON-RPC protocol, and to explore potential integrations with wallets such as MetaMask. Since the functionality is currently limited to the testnet and no timeline has been announced for the launch of smart-contract features on the official mainnet, ecosystem development is still in an early stage of technical validation.

Where are the most critical technical support and resistance levels for the PI token right now?

According to technical analysis, $0.1736 is the most critical short-term support level at present, and the token has consolidated around this area for three consecutive days. If this level fails, support below will be $0.1556 and $0.1310 in sequence. The initial resistance level for a bullish rebound is $0.1863 ($50-day EMA) and $0.1952 ($100-day EMA).

How does the Pi Network core team’s selling of PI tokens affect the market?

In this round, the core team sold approximately 21.8 million PI tokens. PiScan data shows that this is related to the second mainnet migration process and constitutes routine activity during the migration. However, in a context where market liquidity is weak and user recharges bring additional sell pressure, an increase in such supply adds downward pressure to short-term prices. Investors should continue to monitor on-chain fund flow data.