Pi Network price is currently facing pressure due to ongoing token unlocks that will continue until May 17, 2025. Data from PiScan shows that 212M Pi Network tokens will be added to the circulating supply in the next month, leading to increased volatility in Pi Coin’s price. These unlocks are expected to have a negative impact on the price due to low demand, potentially leading to a crash or consolidation in the current range lows. However, some analysts believe that the retail market’s high interest in Pi Coin may prevent a crash if demand picks up.
Despite the optimistic outlook, there are concerns about the impact of whale addresses holding a significant amount of PI tokens. These addresses could influence the price of the asset if they decide to sell, further adding to the bearish sentiment surrounding Pi Network price. As such, the token unlocks may trigger a price crash unless there is a significant increase in buying activity from retail traders and whales. The key level to watch in Pi Coin price is $0.60, as breaching this support level could lead to a downtrend to $0.44.
In terms of technical analysis, the Pi Network price is currently trading at $0.61 with a slight gain, indicating bullish momentum building around the token. However, the two-hour price chart suggests a possible trend reversal from an uptrend to a downtrend if the price falls below support at $0.61. The RSI indicator is rising, signaling that buyers are entering the market, which could support an uptrend for Pi Coin price. Traders should watch for the RSI to cross above 50 to confirm a shift in the market structure.
In conclusion, the upcoming unlocks of 212M PI tokens are likely to impact the Pi Network price negatively, leading to a potential drop in price if demand does not increase. The technical analysis also indicates that bearish momentum is building, which could result in a decline to $0.44. Overall, the future direction of Pi Coin’s price will depend on the balance between supply and demand, as well as the buying activity from retail traders and whale addresses.
Therefore, investors should closely monitor these factors to make informed decisions regarding their Pi Network holdings.
