PI 币：价格低——是时候准备还是恐慌？

Pi Network的PI币面临价格压力。这是为未来做准备的机会，还是更深层次问题的迹象？让我们深入分析和展望。

The PI coin community is buzzing, and not necessarily with excitement. With the price hovering near record lows, the question on everyone's mind is: should you prepare for further dips, or is there a potential upside? Let's break down the current situation.

PI 币社区热闹非凡，但并不一定令人兴奋。随着价格徘徊在历史低点附近，每个人都在思考的问题是：您是否应该为进一步下跌做好准备，或者是否有潜在的上涨空间？我们来分解一下目前的情况。

PI Coin's Price Woes: A Deep Dive

PI 币的价格困境：深入探讨

Recently, PI has struggled to maintain its price, even falling below critical support levels. As of late 2025, it's hovering around $0.23, dangerously close to its all-time low. The lack of major updates from the Pi Network team isn't helping investor confidence. Couple that with thinning liquidity, and you've got a recipe for anxiety.

最近，PI 一直难以维持其价格，甚至跌破了关键支撑位。截至 2025 年底，其价格徘徊在 0.23 美元左右，危险地接近历史低点。 Pi Network 团队缺乏重大更新并不能增强投资者的信心。再加上流动性减少，你就会产生焦虑。

Why the Price Slump?

价格为何暴跌？

Several factors contribute to the current situation. The slow rollout of the mainnet and limited on-chain activity have dampened enthusiasm. Token unlocks are adding more PI to the market, but demand hasn't kept pace, putting downward pressure on the price. It's a classic supply-demand imbalance.

有几个因素导致了目前的情况。主网的缓慢推出和有限的链上活动削弱了热情。代币解锁为市场增加了更多的 PI，但需求却没有跟上，给价格带来下行压力。这是典型的供需失衡。

Hope on the Horizon? The Protocol 23 Upgrade

希望就在眼前？协议23升级

Despite the gloom, some analysts and community members remain optimistic. A key source of hope is the upcoming Protocol 23 upgrade, expected in late Q4 2025 or early Q1 2026. This upgrade aims to improve network efficiency, attract developers, and onboard new users – all potential catalysts for price appreciation. If PI Coin can break past $0.25, it could trigger a short-term rally.

尽管前景黯淡，一些分析师和社区成员仍然保持乐观。一个关键的希望来源是即将到来的 Protocol 23 升级，预计将于 2025 年第四季度末或 2026 年第一季度初进行。此次升级旨在提高网络效率、吸引开发者和新用户——所有这些都是价格上涨的潜在催化剂。如果PI Coin能够突破0.25美元，可能会引发短期反弹。

Downside Risks: Brace for Potential New Lows

下行风险：为潜在新低做好准备

However, the risks are real. If PI Coin fails to break above $0.25, it could slide further, potentially reaching new lows around $0.22 or even lower. Upcoming token unlocks pose another threat. If too many tokens flood the market without sufficient demand, the price could plummet, especially given the current low liquidity.

然而，风险是真实存在的。如果 PI Coin 未能突破 0.25 美元，它可能会进一步下滑，可能触及 0.22 美元左右甚至更低的新低。即将到来的代币解锁带来了另一个威胁。如果太多代币涌入市场而需求不足，价格可能会暴跌，特别是考虑到当前流动性较低。

The Analyst's Take

分析师的看法

The near-term price projection is uncertain. A break above $0.25 could trigger a rally towards $0.28-$0.30. Failure to surpass this level could lead to further declines. The long-term outlook hinges on the success of network upgrades, developer transparency, and effective token supply management. Right now, PI coin's future is very speculative, with both potential rewards and risks.

近期价格预测尚不确定。突破 0.25 美元可能会引发反弹至 0.28-0.30 美元。如果未能突破这一水平，可能会导致进一步下跌。长期前景取决于网络升级的成功、开发者透明度和有效的代币供应管理。目前，PI币的未来充满了投机性，既有潜在的回报，也有风险。

My Two Cents: Prepare, But Don't Panic

我的两分钱：做好准备，但不要惊慌

While the current situation is concerning, it's not necessarily a reason to panic. I think it's wise to prepare for potential further price declines. Set stop-loss orders, manage your risk, and don't invest more than you can afford to lose. However, also keep an eye on the Protocol 23 upgrade and any positive developments within the Pi Network. If the upgrade delivers on its promises, PI Coin could see a significant rebound.

虽然目前的情况令人担忧，但这并不一定是恐慌的理由。我认为为潜在的进一步价格下跌做好准备是明智的。设置止损单，管理风险，并且投资不要超过您可以承受的损失。然而，还要关注 Protocol 23 升级以及 Pi 网络内的任何积极发展。如果升级兑现其承诺，PI Coin 可能会出现大幅反弹。

Remember, the market can be unpredictable, and it's not financial advice to invest. I think the key to investment is rational analysis and risk tolerance.

请记住，市场可能是不可预测的，这不是投资的财务建议。我认为投资的关键是理性分析和风险承受能力。

Final Thoughts: A Waiting Game

最后的想法：一场等待的游戏

Pi Coin's future remains uncertain. Until significant upgrades materialize and confidence returns, PI remains a speculative asset. Investors should monitor network news and market signals closely. For now, it's a waiting game, with PI Coin stuck in a tight range, awaiting a catalyst to either soar or sink. So, buckle up, stay informed, and maybe grab some popcorn – it's going to be an interesting ride!

Pi 币的未来仍然不确定。在重大升级实现和信心恢复之前，PI 仍然是一种投机资产。投资者应密切关注网络新闻和市场信号。目前，这是一场等待游戏，PI Coin 陷入窄幅区间，等待上涨或下跌的催化剂。所以，系好安全带，随时了解情况，也许还可以吃点爆米花——这将是一次有趣的旅程！