Price drops to a historic low, 150 million tokens unlocked put pressure

The native token of Pi Network, $PI, has recently performed poorly, with prices dipping below $0.35, a historic low (as of the time of writing, the price of $PI was $0.3578), attracting widespread attention from the cryptocurrency community. What worries investors even more is that 150 million $PI tokens worth approximately $64 million will unlock and enter market circulation within the next 30 days.

Price drops to a historic low, 150 million tokens unlocked put pressure

The native token of Pi Network, $PI, has recently performed poorly, with prices dipping below $0.35, a historic low (as of the time of writing, the price of $PI was $0.3578), attracting widespread attention from the cryptocurrency community. What worries investors even more is that 150 million $PI tokens worth approximately $64 million will unlock and enter market circulation within the next 30 days.

Although PI has risen 4% in the last 24 hours, recovering to $0.36, bearish sentiment still dominates market trends. Technical analysis shows that this brief rebound lacks sufficient volume support, with trading volume plummeting nearly 30% in the past day, currently around $112 million. The negative divergence phenomenon of rising prices but declining volume indicates a lack of substantial buying support for the upward momentum.

Market rumors suggest another wave of 276 million $PI tokens unlocking is imminent. After the unlocking of 8 million tokens in May this year, the price of $PI immediately fell by 25%. Given the sluggish trading activity and lack of liquidity, it may be difficult for PI to withstand such a large increase in supply.

Technical indicators are fully bearish, with Parabolic SAR forming resistance.

From a technical perspective, all indicators for $PI show clear bearish signals. The Parabolic SAR's dots are located above the price at $0.47, forming a dynamic resistance level. When the SAR indicator's dots are above the price, it indicates that the market is in a downward trend, suggesting the bearish momentum continues.

The Aroon Down Line on the daily chart has reached 100%, indicating strong selling pressure dominating the market. The MACD indicator has also shown a bearish crossover, with the MACD line falling below the signal line, which is a typical signal of seller momentum dominance. The Relative Strength Index (RSI) is currently at 24, slightly above the oversold level of 30. If buying interest returns, there may be a short-term rebound opportunity to $0.46.

Currently, $PI is oscillating between the historic low support level of $0.32 and the resistance level of $0.40. With the bears still in control, PI may retest the historic low or fall below that level.

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