On Pi Network's anniversary, 300,000 Pi Coins flowed out to CEX. Can the price hold the key support level?

On February 24, coinciding with the one-year anniversary of the Pi Network open mainnet launch, approximately 300,000 PI tokens were transferred out from centralized exchanges, with Pi Coin maintaining a price around $0.16. This outflow reflects a decrease in immediate sell-side liquidity on exchanges and highlights increased community engagement and ecosystem activity. The Pi core team stated that since the mainnet went live, the project has seen significant growth in KYC approvals, mainnet migration, developer activity, and overall network participation.

On-chain data shows that in the past 24 hours, exchange wallets have net outflows of about 305,547 Pi Coins, with a single CEX net outflow exceeding 623,000 Pi Coins, offsetting small inflows on platforms like Gate. Although this movement is limited relative to the total supply, combined with the anniversary celebration, it indicates steady expansion of the network ecosystem and sustained confidence among long-term holders.

From a technical perspective, the PI/USDT daily chart shows Pi Coin trading near $0.162, up approximately 1.3% for the day. Since January, Pi Coin's price has fallen from a high of $0.21, rebounded to around $0.19 in mid-February, but the rebound momentum has weakened. Immediate resistance is at $0.18, with strong resistance between $0.19 and $0.20. Key support below is at $0.15; breaking this level could push the price further down to $0.13.

Momentum indicators show short-term buying interest remains, with the "Strength Balance" turning positive at 0.30, but the "Chai Gold Capital Flow" indicator is at -0.16, indicating overall capital flow still favors downside. If exchange outflows persist, Pi Coin may attempt to challenge the $0.18 resistance again through buying pressure; conversely, breaking below $0.15 would reinforce a bearish outlook. Market analysis suggests that the outflows during the anniversary, combined with increased network activity, could guide future price movements of Pi Coin and serve as an important signal for long-term holder sentiment.