In March, Pi Network plans to unlock 188 million tokens, drawing attention from both the community and market participants. This event raises concerns about its possible impact on token price, particularly given current fluctuations in the crypto market.
Token Unlock and Its Impact
While the upcoming unlock event creates some uncertainty, Pi Coin has gained momentum. Currently, Pi is experiencing a 3% price increase, showing user confidence. Notably, many Pi token holders opt to lock their tokens instead of selling them: about 63% of users chose a three-year lock, and another 14% opted for a one-year lock. This indicates that immediate selling pressure may be limited.
Price Fluctuations and Market Activity
Recently, Pi Coin's price has fluctuated. After reaching $2.99, it experienced a slight decline and is now trading around $1.84. Despite these movements, Pi's market capitalization remains strong at $13.02 billion, indicating substantial market value. Over the past 24 hours, Pi's trading volume decreased by 39.10%, which may also contribute to market volatility. Pi Coin is now the 11th largest cryptocurrency by market cap, surpassing cryptocurrencies like Chainlink and Hedera.
Market Sentiment and Technical Indicators
Market activity from February 22 to March 5 showed a significant number of long liquidations, reflecting uncertainty. Pi Network's technical indicators show mixed signals. The Relative Strength Index (RSI) currently stands at 41.48, indicating a neutral to slightly oversold condition. Meanwhile, the MACD indicator presents a bearish trend, signaling increased selling pressure.
The unlocking of 188 million tokens by Pi Network is an event of interest and concern for market participants. Its impact on Pi Coin price remains uncertain amid current market volatility and sentiment.
