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Highlights
- Pi Network price is facing bearish pressure as the Pi Coin team unlocks 212M tokens.
- These token unlocks will increase the circulating supply at a time when demand for Pi Coin is low.
- The four-hour chart also suggests that the Pi Network token is headed for a downtrend if it drops below $0.60.
Pi Network price has been under bearish pressure due to the ongoing token unlocks that will continue until May 17, 2025. On-chain data shows that 212M PI tokens will be added to the circulating supply in the next one month amid weakening demand. These unlocks will spike Pi Coin’s volatility. However, will the price crash or rally? Let’s explore.
Pi Network Price Impact Amid 212M Unlocks
Data from PiScan shows that 212M Pi Network tokens, whose value is approximately $130M at the current price, will join the circulating supply in the next 30 days. This means that there will be an average of 7M PI token unlocks every day until May 17.
The impact of these token unlocks will likely be negative on the Pi Network price. These new tokens are increasing Pi Coin’s supply at a time when the demand is low. Therefore, PI may record a bearish trend or even consolidate within the current range lows if there is insufficient demand to absorb this supply.
However, analyst Spock on X notes that under the current PI tokenomics, this token may prevent a crash even as these unlocks continue. This analyst added that over 90% of addresses include accounts that hold less than 100 PI tokens, suggesting high interest from the retail market. He added that if Pi Coin sees demand, it may also prevent a crash.
Despite this bullish forecast, 23 whale addresses hold more than 12M PI tokens, which is more than 90% of the 13.2M tokens that are currently available on the mainnet. This indicates that whale addresses can impact the price of this asset if they decide to sell, further highlighting a bearish Pi Network price prediction.
As such, these token unlocks will likely trigger a crash in the Pi Network price if demand fails to absorb the sold coins. Pi Coin will only rally if retail traders and whales ramp up buying activity.
Pi Network Technical Analysis
The Pi Network price trades at $0.61 today with a slight 2% gain in 24 hours. These gains suggest that bullish momentum is building around this token, which may drive Pi Coin’s volatility over the weekend.
On the two-hour price chart, Pi Network price was flashing signs of a possible trend reversal from an uptrend to a downtrend. The downtrend will be confirmed if Pi Coin falls below support at the neckline of $0.61.
Meanwhile, the RSI is rising, indicating that buyers are stepping back into the market, which could aid the uptrend for Pi Coin price. Traders should watch out for the crossover of the RSI above 50 to confirm a shift in the market structure.
Considering the upcoming unlocks of 212M PI tokens, the Pi Network price may drop due to a surge in supply as demand remains low. Additionally, the two-hour price chart shows that bearish momentum is building around the token that may spark a drop to $0.44.
Frequently Asked Questions (FAQs)
1. Will Pi Network price rally or crash after 212M unlocks?
2. What is the key level to watch in Pi Coin price?
3. Can Pi Coin price reclaim previous highs?
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