• Pi Network is down 2% at press time on Thursday, holding above its $0.1736 support level.
• Pi Core Team announced the first-ever Soroban smart contract recorded on the Pi Network testnet, based on the Stellar blockchain.
• The technical outlook for PI is mildly bearish as momentum indicators suggest persistent selling pressure.

Pi Network (PI) continues to consolidate above a crucial support level under intense selling pressure. Pi Core Team announced the first-ever Soroban smart contract deployed on its testnet, taking a step closer to the development of decentralized Applications (dApps). Technically, the PI token risks further correction if it slips below the $0.1736 support level.

Smart contracts are available on Pi Network testnet

Pi Core Team announced the deployment of the first-ever Soroban smart contracts on its testnet in an X post on Thursday. Developers used the Soroban smart contracts platform, native to the Stellar network, as the Pi Network blockchain is based on the Stellar blockchain. This aligns with Pi Network’s upgrade to version 23, which has added smart contract functionalities.

Additionally, developers are testing contract calls, such as token transfers, minting, burning, and more complex DeFi logic.

Pi Network holds ground against persistent selling pressure

Pi Network is down roughly 2% at press time on Thursday, risking a bearish outcome to the consolidation above the $0.1736 support level so far this week. The near-term tone is bearish as the PI token trades below the 50-day Exponential Moving Average (EMA) at $0.1859. Moreover, PI remains well below the 100-day and 200-day EMAs, keeping the broader downtrend intact.

If PI slips below the key support at $0.1736, it would threaten the February 23 low at $0.1556, which caps the downside to the February 11 low at $0.1310.

The Moving Average Convergence Divergence (MACD) line remains below its signal line on the daily chart, with shallow negative histogram bars, suggesting weak but prevailing bearish momentum. The Relative Strength Index (RSI) at 44 stays below the midline, reinforcing the lack of bullish conviction after the mid-March overbought spike.

For Pi Network to reinstate recovery, bulls must reclaim the descending 50-day and 100-day EMAs at $0.1859 and $0.1950, respectively, which could open the door toward the March 7 high at $0.2396.

(The technical analysis of this story was written with the help of an AI tool.)