Pi Network Faces Token Unlock Pressure as Price Hovers Sideways
Pi Coin (PI) is currently trading at $0.7504, with just a 0.2% rise over the past 24 hours. in the last week, its price has fluctuated between $0.7406 and $0.8586, still 74% below its February peak of $2.99.
Despite the stagnant price, trading volume has seen a bump. Pi Network recorded over $145 million in volume in the past 24 hours, a 16.2% increase from the previous day. This hints at cautious interest in the market.
Though, upcoming token unlocks are the main focus. Data from Pi Scan shows that on May 26, 10 million PI were released, 12 million on May 27, and 15 million on May 28. More are set for June, July, and August, potentially increasing supply and sell-side pressure.
On-chain data suggests more holders are moving their tokens to exchanges,a sign of possible selling. Yet, Pi Network aims to create long-term value through its $100 million Pi Network Ventures fund, supporting various startups.
Technically, Pi is trading in a narrow Bollinger Band range, from $0.53 to $1.15. Current metrics show neutral momentum, with a relative strength index of 48.36 and a stochastic RSI of 18.16, indicating short-term oversold conditions.
While moving averages act as resistance, a breakout above $0.85 could push PI to $1.00 and possibly $1.15. On the flip side, if the $0.74–$0.75 range breaks, a decline to $0.70 or even $0.53 is possible due to the increased supply from token unlocks.
