PI faces increased selling pressure, risks further decline below $0.1700

Key takeaways

• Pi Network extends losses on Thursday and could dip lower in the near term.
• The technical outlook for PI is mildly bearish as the short-term support is near $0.1687

Pi Network (PI) is edging lower on Thursday, threatening a potential bearish breakout below the $0.1700 mark. 

The rise in selling pressure is likely linked to renewed mainnet migration activity, with over 1 million PI tokens being deposited on centralized exchanges (CEXs), weighing down on the PI token’s price.

CEX deposits surge amid renewed mainnet migration

Pi Network is experiencing increased selling activity as investors transfer their PI tokens to exchanges after completing their Know Your Customer (KYC) verification.

PiScan data reveals that over 36 million PI tokens were migrated to the mainnet in the past four days, coinciding with the 26.20 million PI tokens unlocked from Pi Core Team wallets. 

Simultaneously, Pi-supporting exchanges saw an influx of 1.15 million tokens, indicating that large holders are reducing their exposure amid the option f...