Pi Network’s one-week realized volatility surged after reaching its all-time high in February 2025. However, recent data from Glassnode shows that volatility has declined steadily over the last two months. This continued drop matches the ongoing price consolidation seen on charts—a phase marked by weak momentum and limited direction. Bulls and bears have remained cautious during this extended standoff.
The narrowing volatility suggests that Pi Network (PI) is compressing within a tight range. Historically, such phases often precede major price moves. As volatility compresses, it builds pressure. Once released, it can lead to strong, rapid movement in either direction.
Coinglass Data Shows Shift Toward Bearish Sentiment in Pi Futures
Coinglass data reveals that the funding rate for Pi (PI) perpetual futures dropped below zero multiple times between March 13 and March 18. This means short sellers were paying long traders to keep positions open. The negative rate indicates that the majority of traders expected the PI price to fall.
The chart shows sustained red zones, with the deepest funding dips recorded on March 14 and March 16. At the same time, the PI price followed a downward trend, which further confirmed bearish pressure in the derivatives market. Traders were increasingly positioning for further downside, even as spot volatility remained low.
Such consistent negative funding reflects strong short bias. If market conditions reverse, however, this heavy concentration of short positions could trigger forced exits. Coinglass data highlights this growing imbalance between bearish sentiment and the actual movement of PI’s price.
Tight Range, Low Volatility, and Build-Up of Risk
PI’s current structure—with low realized volatility and bearish funding—has created a buildup of risk. The market is tightly wound. If PI breaks out of its current consolidation zone, the reaction could be sharp and fast, especially if traders are forced to unwind short bets.
With volatility near multi-month lows, even small moves could trigger broader reactions. For now, PI remains in a low-volatility holding pattern, with technical and derivatives data signaling rising pressure in both directions.
Pi Coin Prints Descending Triangle on July 10 Chart, Breakout May Trigger 254% Upside Toward $1.66
The PI/USDT chart from July 10, 2025, shows a clear descending triangle pattern forming since mid-May. A descending triangle is a bearish-leaning continuation setup where the price forms lower highs while maintaining a relatively flat support line. Traders often use it to anticipate sharp moves when the pattern breaks—either downward through support or upward on unexpected buying volume.
In this chart, the support level sits around $0.35, and the down-sloping resistance extends from the early-June peak. The price is currently trading at $0.4769 and pressing against the tip of the triangle. If a breakout confirms above the descending resistance line with strong volume, the measured move suggests a possible upside target near $1.66, marking a 254% gain from the current level.
The 50-day exponential moving average (EMA) stands at $0.5880, which acts as the first level the bulls must clear. Volume remains low, but relative strength index (RSI) data shows a small uptick from 37.16 to 38.67, hinting at potential strength returning. For the breakout to hold, PI must close above the descending trendline with increased trading volume. If that happens, it would signal the end of the consolidation and likely activate a powerful upward move.