PI Network（PI/USDT）的交易價格為0.8277美元，比5月17日的低點增長了30％

PI Network（PI/USDT）的價格為0.8277美元，比5月17日低點的0.69美元上漲了30％。波動率的交易量為5.48億美元

Pi Network (PI/USDT) is at $0.8277, up 30% from the May 17 low of $0.69. The digital token's volatility has picked up with trading volume at $548 million, a 150% increase.

PI Network（PI/USDT）的價格為0.8277美元，比5月17日低點的0.69美元上漲了30％。數字代幣的波動率已獲得5.48億美元的交易量，增長了150％。

However, PI is still 77% off the February all-time high of $2.99.

但是，PI仍然是2月有史以來2.99美元的77％。

From a technical standpoint, the 4-hour chart shows PI has now reclaimed the 50-EMA at $0.8081 and the 0.786 Fibonacci level at $0.8072 is holding as support.

從技術的角度來看，4小時的圖表顯示，PI現在已將50-EMA收回為0.8081美元，而0.786斐波那契水平為0.8072美元作為支持。

A close above this zone could lead to $0.9928, then $1.1235, and $1.2554. But the MACD histogram is flattening, suggesting a loss of upside momentum.

該區域上方的接近可能會導致$ 0.9928，然後是$ 1.1235和1.2554美元。但是MACD直方圖正在變平，這表明上空動量損失。

If PI breaks $0.8072, then expect a retest of $0.6787 or lower.

如果Pi違反了$ 0.8072，則預計重新測試$ 0.6787或更低。

User Frustration and Ecosystem Limitations

用戶挫敗感和生態系統限制

用戶挫敗感和生態系統限制

While price action is improving, there are still deep structural issues with the Pi token.

儘管價格動作正在改善，但PI令牌仍然存在深刻的結構性問題。

The mainnet migration has stalled and there are no plans for listing on a major exchange like Binance or Coinbase despite community votes.

主網遷移已經停滯不前，儘管社區投票，但沒有計劃在Binance或Coinbase等主要交易所上市。

Also, no DeFi protocols or dApps have launched yet to support more organic demand for the token.

同樣，尚未啟動任何DEFI協議或DAPP來支持令牌更大的有機需求。

The $1.35 spike on May 14 after the $100M Pi Ventures Fund announcement was short-lived as the new fund is not yet operational.

5月14日，由於新基金尚未運作，因此5月14日這筆1.35美元的飆升是短暫的。

The token remains largely speculative with no functional utility to sustain its growth.

代幣仍然在很大程度上投機，沒有實用性來維持其增長。

Token Unlocks and Long-Term Structural Risks

令牌解鎖和長期結構風險

令牌解鎖和長期結構風險

Moving forward, there are 1.47 billion PI tokens due to unlock over the next year.

前進，明年由於解鎖而有14.7億PI令牌。

Without any token burns or new demand drivers, the increased supply could exert pressure on prices.

沒有任何令牌燃燒或新需求驅動因素，增加的供應可能會對價格施加壓力。

Also consider:

還考慮：

* Regulatory uncertainty in multiple jurisdictions

*多個司法管轄區的監管不確定性

* Potential for insider selling

*內幕銷售的潛力

* Ongoing community debates around centralized governance and token voting

*圍繞集中治理和代幣投票的社區辯論

Summary

概括

概括

Technical analysis is showing that PI needs to hold above $0.8072 and break $0.9928 for the bullish bias to continue.

技術分析表明，PI需要持有超過$ 0.8072的股份，並在0.9928美元中損失$ 0.9928，以使看漲的偏見繼續下去。

A listing on Binance or some progress on the Pi ecosystem could get the token back to $1.00.

關於二人的列表或PI生態系統上的一些進展可能會使令牌返回到$ 1.00。

But until then, the outlook remains largely cautious.

但是在那之前，前景仍然很謹慎。