Pi Network (PI) is currently navigating a challenging market environment, attempting to stabilize above the $0.1500 support level. While the asset recently saw a modest 2% gain, it continues to struggle against broader downward trends, having recorded a 12% decline over the past week. This recent price action reflects a tug-of-war between increased token outflows from centralized exchanges and a steady influx of supply from mainnet migrations.

Data indicates that over 2.55 million PI tokens were withdrawn from centralized exchanges within a 24-hour period. Typically, such outflows are interpreted as a sign of accumulation or reduced immediate selling pressure. However, this bullish signal is currently being offset by the pace of mainnet migration. On Tuesday alone, 4.36 million tokens were transferred from the testnet to the mainnet, following a substantial migration of 7.65 million tokens the previous day. This ongoing supply increase suggests that the market may remain under persistent selling pressure.

Technical indicators reflect this underlying volatility and bearish sentiment. The Relative Strength Index (RSI) is currently hovering near 34, signaling that the asset is approaching oversold territory. Simultaneously, the Moving Average Convergence Divergence (MACD) remains in negative territory, reinforcing the cautious outlook held by many market participants.

Looking ahead, if the current demand cannot absorb the volume of newly migrated tokens, PI could face further downward pressure, potentially testing support levels at $0.1440 and $0.1345. Conversely, for a sustained recovery to take hold, bulls would need to push the price past the $0.1605 resistance mark, which could open the door for a rally toward the 100-period Exponential Moving Average (EMA) near $0.1684.