Pi Network's token PI saw a slight increase on Friday after trading sideways for three consecutive days. This followed a significant pullback earlier this month, with selling pressure recently easing and activity in the derivatives market picking up.

Open interest rebounds

Data shows that open interest in PI rose to $10.73 million on Friday, up from $10.44 million the previous day and a significant rebound from $9.11 million on Monday. This indicates that after the previous decline, some trading funds have re-entered the market, and short-term speculative sentiment has warmed up.

However, in terms of overall scale, this rebound is still limited, indicating that the current capital inflow is more of a tentative move than a confirmation of a strong reversal.

Market sentiment has recovered.

The article mentions that as risk appetite in the broader crypto market stabilizes, the high-volatility, community-driven trading environment for PI has also improved to some extent. Meanwhile, the Stellar Protocol v25 mainnet upgrade scheduled for July 22nd is also seen as one of the external factors that could potentially influence sentiment within the related ecosystem.

These factors are more reflected in the emotional level, and whether they can be transformed into sustained buying depends on the overall market performance in the future.

Prices remain in a downward trend

From a technical perspective, PI has not yet broken through the key resistance level of $0.0800, and the overall trend has not yet reversed. The article states that PI is currently still operating within a downward channel, but the price is temporarily holding near the lower edge of the channel.

In terms of technical indicators, the Relative Strength Index (RSI) has fallen to around 17, indicating that the PI is in a clearly oversold zone. Although the MACD is still below the zero line, there are signs that the bearish momentum has weakened, suggesting that the previous decline may be slowing down.

If the rebound continues, the market will first focus on the $0.09613 level; if it strengthens further, the $0.110 area may become the next resistance level. On the downside, the $0.06793 support level needs to be watched; if it is breached, the downside potential may open up further.

Overall, PI has shown signs of short-term recovery, but the market still views it as a rebound within a downtrend until it recovers key resistance levels.