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Rising Supply Challenges
The Pi Coin market is facing fresh challenges as a wave of token unlocks adds pressure to its already declining price. Currently trading around $0.5883, Pi has slipped 0.1% over the past day, continuing a downward trend that has seen the coin lose more than 80% from its all-time high. Its market cap remains significant, hovering over $4 billion, but the growing circulating supply raises concerns among investors.
Data from PiScan reveals that over 231 million Pi tokens will be unlocked in May, followed by another 222 million in June. Even more worrying, projections show that more than 1.4 billion new tokens worth over $850 million will enter the market within the next year. Today alone, 10.4 million tokens are set to be unlocked, increasing the potential for additional selling pressure. As more coins flood the market without a corresponding rise in demand, prices risk sliding even further.
Demand And Listing Hurdles
While the Pi Network continues to build its ecosystem, demand for the token has waned. A key factor holding back price growth is the absence of major exchange listings. Though exchanges like OKX, Bitget, and MEXC support trading, larger platforms like Binance and Coinbase have yet to list Pi. Hints of a potential Binance listing emerged from backend updates and test pages, sparking hope in the community. However, no official confirmation has been provided.
A Binance listing could be a game-changer, potentially improving liquidity, accessibility, and price discovery. Without it, Pi’s trading remains confined to smaller platforms with lower volumes. Adding to investor worries are recent events like HTX delisting Pi and BitMart halting trading, which have dented confidence in the token’s market viability.
Meanwhile, the project continues to struggle with internal issues such as delays in know-your-customer (KYC) verification. Millions of users are still waiting for verification, limiting their ability to migrate their balances to the mainnet wallet. A recent update allowed verified users to activate wallets without full migration, but this hasn’t fully resolved the bottleneck.
Technical Trends Signal Weakness
On the technical analysis front, Pi Coin shows signs of continued weakness. The price has been trading sideways just below the $0.60 resistance level, with low trading volumes reinforcing the stagnant momentum. The relative strength index (RSI) stands at 40.87, indicating that while the market isn’t oversold, it lacks strength.
Pi remains below key moving averages, with the 20-day simple moving average at $0.62 acting as the nearest resistance. If the price manages to break above $0.62 and sustain it, a short-term recovery toward $0.67 is possible. However, failure to hold these levels could see the token fall below $0.56, potentially testing new lows.
Price action suggests that Pi might be in the accumulation phase of the Wyckoff Theory, where long-term investors quietly build positions before a breakout. But for a meaningful rally to occur, external catalysts like major exchange listings or significant ecosystem developments will likely be necessary.
Outlook And Possible Scenarios
Looking ahead, reaching the long-anticipated milestone of $1 will require overcoming multiple hurdles. While some optimistic community members envision price targets as high as $314,159, most analysts view such forecasts as unrealistic under current conditions. A more achievable target in the short term might be around $0.79, provided Pi can break above its near-term resistance.
The coming months will be critical as the market absorbs the influx of unlocked tokens and monitors any updates on exchange listings or ecosystem upgrades. A planned release of a full SDK in June could encourage decentralized application (dApp) development, helping drive on-chain activity and utility for the token.
Until stronger demand or new utility materializes, Pi Coin’s price may continue to face downward pressure from the growing supply and weak market momentum.