#PI Pi Network (PI) faces significant headwinds in November as on-chain data confirms a convergence of increased supply and declining demand risks. Despite a drop of over 90% from its peak, three main factors indicate that market forces are heavily skewed toward continued downward pressure, potentially reaching new lows. I. Analysis of three key bearish indicators related to token supply dynamics and market activity shows weak market confidence and intense structural selling pressure: Large-scale token unlocks increase supply: Data: Piscan shows that nearly 5 million PI are unlocked almost daily, with an expected total unlock of 145 million PI this month. This unlock volume will further increase, with December expected to exceed 173 million PI. Consequences: This sustained and substantial injection of new supply poses a significant obstacle to price rebounds, as the market must absorb ongoing inflationary pressure. Exchange balances reach historic highs: Data: As of November mid