Pi Network continues to face price pressure amidst upcoming massive token unlocks, despite Bitcoin's success.
Price Pressure on Pi Network
According to CoinGecko, the Pi Network price is trading at $0.4475, representing a 3.5% decrease from its previous value in the last 24 hours. The price is currently testing a strong support near $0.45, while Bitcoin has soared to an all-time high of $122,000. Data from Crypto.com indicates the 24-hour trading range is between $0.452 and $0.453, with a trading volume of $80 to $97 million.
Technical Analysis and Possible Bounce
Technical indicators suggest that Pi Network's price is trading below pivotal FIB levels, with direct support close to $0.45 and a key barrier at $0.40. The absence of buying support may continue to press prices lower. Conversely, a bounce could send the Pi Coin range to test the resistance level at $0.48–$0.50.
Forecasts and Market Structure
There are currently 7.70 billion Pi in circulation, with only 370 million on major exchanges. An anticipated unlock of 276 million tokens in July could drive prices down. Market sentiment remains bearish as buying activity from holders has waned. Token price forecasts depend significantly on unlock schedules, exchange adoption, and real-world utility growth.
The Pi Network price continues to face pressure from upcoming token unlocks and weakened market demand. Concrete drivers are needed for potential recovery.
