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Trading in a Tight Range
Pi Network (PI) is currently caught in a period of stagnation, with price movement confined to a narrow range as traders eye a significant upcoming token unlock. As of press time, PI is trading at $0.7504, reflecting a marginal 0.2% gain over the past 24 hours. Over the last week, the token has oscillated between $0.7406 and $0.8586, indicating a lack of clear directional momentum.
Despite the muted price action, trading volume is showing signs of life. Over $145 million worth of PI changed hands in the past 24 hours, up 16.2% from the previous day. This surge in activity suggests that traders remain engaged, albeit cautiously, in anticipation of key fundamental developments.
The current price still sits nearly 74% below its February high of $2.99, underscoring the extent of the downtrend since earlier this year. Still, market watchers believe that upcoming events could act as a catalyst—either positive or negative—for a potential breakout.
Massive Token Unlock Incoming
A major concern among investors is the upcoming wave of token unlocks, which could significantly increase the circulating supply and exert downward pressure on the token’s price. According to Pi Scan data, Pi Network has already seen two major unlocks in recent days—10 million tokens on May 26 and 12 million on May 27.
However, the most impactful event looms on May 28, when 15 million PI tokens are set to be released. This unlock represents the largest single-day token release within the current 30-day period. Given the scale of the unlock, concerns about increased selling pressure are mounting.
Looking further ahead, the supply overhang appears even more daunting. 263 million tokens are scheduled to be unlocked in June, followed by 233 million in July and 132 million in August. These figures, combined with on-chain data showing a trend of tokens moving to centralized exchanges, suggest that a portion of these unlocked tokens may be headed for liquidation.
Technicals Show Coiled Setup
From a technical analysis standpoint, Pi Network is exhibiting signs of a coiled setup within a narrow Bollinger Band range. The lower band currently sits at $0.53, while the upper band is at $1.15. PI’s mid-range position signals low volatility, often a precursor to sharp price moves in either direction.
Momentum indicators paint a mixed picture. The Relative Strength Index (RSI) stands at 48.36, suggesting a neutral trend with no dominant buying or selling pressure. The Stochastic RSI, however, reads 18.16, indicating that the token is oversold in the short term and could be due for a rebound.
Meanwhile, the MACD has crossed below its signal line, posting a bearish divergence at 0.0047, further emphasizing the lack of upward momentum.
Short- and medium-term moving averages remain above the current price level and are acting as resistance zones. A break above the $0.85 level could help unlock further upside potential, possibly driving PI toward $1.00 and eventually the upper Bollinger Band at $1.15.
On the downside, failure to maintain support in the $0.74–$0.75 range could trigger a fall to $0.70, with further downside risk toward $0.65 or even $0.53, if sustained selling pressure kicks in.
Building Long-Term Value
Amid short-term concerns, Pi Network is attempting to carve out long-term value through strategic ecosystem investments. The recently announced $100 million Pi Network Ventures fund aims to back startups across AI, gaming, fintech, and e-commerce sectors. This initiative is designed to boost utility for the PI token by encouraging real-world applications and adoption.
If successful, these decentralized application (dApp) projects could help revive market sentiment and increase organic demand for PI, potentially offsetting some of the inflationary impact caused by large token unlocks.
However, until the utility story gains more traction, the token’s price action is likely to remain at the mercy of supply dynamics and investor sentiment surrounding the unlock schedule.
Conclusion
Pi Network finds itself at a critical crossroads. With the token stuck in a sideways trading range, investors are closely watching the effects of the largest token unlock of the month. The technical setup points to a coiled spring, while on-chain data suggests looming sell-side pressure.
Still, long-term plans to grow the ecosystem through venture funding may provide a glimmer of optimism. Whether that will be enough to counteract the effects of growing supply remains to be seen—but for now, volatility seems inevitable.