Pi Network Treads Water as Major Token Unlocks Loom
Pi Coin (PI) is currently trading at $0.7504, showing a minimal 0.2% rise in the past 24 hours.The token’s value has seen a 74% drop from its peak of $2.99 in February. Despite the sluggish price movement, trading activity has seen a surge.In the last 24 hours, Pi Network recorded a trading volume of over $145 million, a 16.2% climb from the previous day.
The market is closely watching a series of upcoming token unlocks. On May 26, 10 million tokens were released, followed by 12 million on May 27. The most critically important unlock is scheduled for May 28,with 15 million PI entering circulation. More tokens are set to flood the market in the coming months: 263 million in June, 233 million in July, and 132 million in August.
Increased token unlocks could lead to more selling.Data shows that holders are moving their PI to centralized exchanges, which may boost sell-side pressure.However, Pi Network is working on building long-term value through the $100 million Pi Network Ventures fund. This fund supports startups in AI,gaming,fintech,and e-commerce,potentially creating real-world use cases for PI.
Technically,Pi is trading within a narrow range,with Bollinger Bands at $0.53 (lower) and $1.15 (upper). A breakout above $0.85 could lead PI to $1.00 or even $1.15. On the flip side, failure to hold $0.75 may see the price dip to $0.70 or lower. The MACD shows bearish momentum, while other indicators remain neutral.
