PI网络（PI）令牌显示挥发性周期后恢复的迹象

PI Network的本地令牌（PI）在5月份发生动荡的时期后显示出恢复的迹象，随着加密货币试图赔偿更高的价格目标，公牛捍卫了关键支持水平。

Pi Network's native token (PI) is showing signs of recovery after a volatile period in May, with bulls defending key support levels as the cryptocurrency attempts to reclaim higher price targets.

PI Network的本地令牌（PI）在5月份发生动荡的时期后显示出恢复的迹象，随着加密货币试图赔偿更高的价格目标，公牛捍卫了关键支持水平。

What Happened: The token is currently trading at $0.84, showing a 7.8% increase in the last 24 hours and a 30% rise over the past month. This marks a significant turnaround from PI's downtrend, which saw the token decline by 50% to hit a low of $0.69 on May 17 after a brief rally to $1.6 earlier in the month.

发生的事情：代币目前的交易价格为0.84美元，显示过去24小时的7.8％增长，在过去一个月中增长了30％。这标志着PI的下降趋势的明显转变，该趋势下降了50％，在本月早些时候的短暂集会至1.6美元之后，在5月17日的低点达到了0.69美元。

Over the last four days, PI has gained 20%, accompanied by trading volume climbing. However, current volume levels don't match the surge seen a week ago when PI rallied 114% in six days.

在过去的四天中，PI增长了20％，伴随着交易量攀升。但是，当前的体积水平与一周前PI在六天内涨到114％时相匹配。

Data from Coinalyze reveals that bullish conviction is still modest in the short term. While the price rose by 14% in the last 24 hours with Open Interest increasing by 17%, the funding rate is just slightly above zero. These metrics suggest that short-term expectations are bullish but not overheated.

来自Coinalze的数据表明，在短期内，看涨信念仍然是适中的。虽然在过去的24小时内，价格上涨了14％，开放利息增加了17％，但资金率略高于零。这些指标表明，短期期望是看好的，但没有过热。

The positive sentiment might be partially influenced by Bitcoin's (BTC) movements toward new all-time highs.

积极的情绪可能会受到比特币（BTC）向新历史高潮的动作的部分影响。

Daily trading volume has surged by more than 150% to $548 million, indicating renewed market interest following a nearly 50% plunge from May 12 to May 17, when PI hit a low of $0.69.

每日交易量增长了150％以上，达到5.48亿美元，这表明从5月12日至5月17日下跌近50％，当时PI的低点达到0.69美元。

Technical Outlook For PI: The technical picture for PI presents a mixed but cautiously optimistic outlook. On the daily chart, PI has retraced below the 78.6% Fibonacci retracement level, based on the rally to $1.6 earlier this month.

PI的技术前景：PI的技术图片表现出混合但谨慎的乐观前景。在每日图表上，PI基于本月早些时候的集会，低于78.6％的斐波那契反回置水平。

This rally breached the $0.745 level, a local high from April, which shifted the market structure to bullish. However, the sudden rally and subsequent retracement mean the daily timeframe doesn't show strong bullish momentum.

这次集会违反了0.745美元的水平，这是4月以来的当地高点，这将市场结构转移到看涨。但是，突然的集会和随后的回答意味着每天的时间表并没有表现出强烈的看涨势头。

The Relative Strength Index sits in the neutral range at 54, indicating neither overbought nor oversold conditions. The MACD remains above the zero line, although red histogram bars reflect the quick retracement.

相对强度指数位于中性范围为54，表明既不过多也没有过多的条件。 MACD仍保持在零线之上，尽管红色直方图杆反映了快速回撤。

The Chaikin Money Flow (CMF) has stayed above +0.05 over the past ten days, and the Accumulation/Distribution indicator has trended higher. These two signals suggest high buying pressure, resulting from the trading volume surge on May 11-12.

在过去的十天中，Chaikin货币流量（CMF）一直保持在+0.05的高度，并且累积/分配指标的趋势更高。这两个信号表明，由于5月11日至12日的交易量激增造成的高购买压力。

On the 4-hour chart, a local resistance zone appears at $0.9, forming a bearish order block. Volume indicators that were firmly bullish on the daily timeframe appear neutral on the 4-hour chart, with neither the CMF nor the A/D line showing heightened buying pressure.

在4小时图表上，局部电阻区的出现为0.9美元，形成了看跌订单。在每日时间框架上坚定看涨的音量指标在4小时图表上显得中立，CMF和A/D线都没有显示出较高的购买压力。

Project-Specific Challenges Remain: Despite technical improvements, Pi Network faces several fundamental challenges that could limit its price recovery.

特定于项目的挑战仍然存在：尽管技术有所改进，但PI网络仍面临一些基本挑战，可能会限制其价格恢复。

The token is still sitting at 77% below its all-time high of $2.99 set in February. Millions of users are still frustrated by mainnet migration and know-your-customer verification delays, which limit access and transfers, especially in China.

该令牌仍低于2月份的2.99美元的历史高处77％。数以百万计的用户仍然对主网迁移和知识客户验证延迟感到沮丧，这限制了访问和转移，尤其是在中国。

The token also lacks listings on major exchanges like Coinbase or Binance, despite community support for such listings. Market depth on platforms such as OKX remains below $100,000, restricting growth potential due to limited liquidity.

尽管社区对此类列表的支持，但令牌还缺​​少有关Coinbase或Binance等主要交易所的清单。 OKX等平台的市场深度仍低于100,000美元，这限制了流动性有限的增长潜力。

Another concern is utility - in the absence of significant DeFi projects or dApps, demand for PI is primarily speculative. A rally to $1.35 just before the $100 million Pi Network Ventures fund announcement on May 14 quickly reversed, demonstrating how fragile sentiment can be without real use cases.

另一个问题是效用 - 在没有重要的Defi项目或DAPP的情况下，对PI的需求主要是投机性的。在5月14日的1亿美元PI Network Ventures Fund公告迅速推翻之前，一场集会至1.35美元，这表明没有实际用例的情况下的脆弱情绪。

More than 1.47 billion PI tokens are scheduled to unlock over the next year, which could increase selling pressure unless balanced by token burns or rising demand.

预定在明年的14.7亿PI代币将解锁，除非由代币烧伤或需求增加，否则这可能会增加销售压力。

If buyers can maintain support near $0.74 and break through resistance at $0.90, a move toward $1 becomes possible, especially with sustained trading volume. However, if sellers regain control and push the price below $0.74, it could trigger another downward trend.

如果买家可以维持$ 0.74的支持，并以0.90美元的价格突破抵抗，则可以向1美元转移，尤其是在持续交易量的情况下。但是，如果卖方重新获得控制权并将价格推高低于0.74美元，则可能会引发另一个下降趋势。

Unless there's a surge in demand in the short term, PI may struggle to rally past the $0.9 resistance level. However, a move beyond $0.9 with increased buying pressure could offer a buying opportunity for traders.

除非短期内需求激增，否则PI可能难以集会超过0.9美元的电阻水平。但是，随着购买压力的增加，超过$ 0.9的举动可以为交易者提供购买机会。