The Pi Network token (PI) is showing slight recovery; however, concerns about selling pressure and subsequent market changes persist.
Overview of PI Prices
At the time of publication, Pi Network prices are at $0.4755, up 3.08% from the previous day. However, the token has lost 5.54% over the last week. Market capitalization is $3.62 billion, with a 24-hour trading volume of $78.8 million. Prices fluctuated between $0.4612 and $0.4738 in the last 24 hours and from $0.4477 to $0.5053 over the week. The current trend remains bearish, with important resistance around $0.50.
Exchange Activity and Upcoming Token Unlocks
Crypto analyst Moon Jeff has reported that 376 million PI tokens are currently held on exchanges, with 177 million on Gate.io. He noted, "All these coins are from pioneers who are bringing the selling pressure." In the upcoming month, over 246 million tokens are expected to be unlocked, which may increase market pressure. Recent statistics show that the PI token has lost nearly 70% of its value over two months.
Future Prospects for PI
Maintaining support above $0.44 is crucial for any bullish continuation. If the token can break above $0.50, it may test higher levels around $0.5486 and $0.6506. However, the current Stochastic RSI indicator reflects an overbought condition, suggesting a potential price pullback or consolidation before any upward movement.
Given the factors presented, the outlook for Pi Network remains uncertain. As assets continue to populate exchanges, price pressures could limit token recovery.
