Pi Network’s PI token slipped on Thursday as the rally that briefly followed a multi-day drop ran into fresh headwinds — namely, a wave of token unlocks that could swell supply and pressure prices further.
What’s happening
- PI has been in a broader downtrend since late April and lost ground for three straight days earlier this week. While it staged a modest rebound, the recovery faces a near-term test as millions of new tokens are set to hit circulation.
- PiScan shows ~16 million PI tokens unlocked on Thursday, with another ~14.8 million becoming eligible for mainnet migration on Friday. Once unlocked, these tokens can be moved to centralized exchanges, increasing the likelihood of selling pressure.
- On-chain activity underscores the risk: three of the five largest transactions in the past 24 hours involved roughly 255,000 PI being moved.
Technical picture
- PI is trading just above $0.1250, but the technical setup is weak. On the four-hour chart the token sits below the 50-, 100- and 200-period moving averages — a bearish cluster that suggests sellers remain in control.
- Momentum indicators offer little comfort: the RSI is near 43 (signaling weak buying pressure) and the MACD and its signal line are slightly below zero, consistent with ongoing bearish conditions.
- Key levels to watch: upside resistance at $0.1299, then supply zones at $0.1360 (100-period EMA) and $0.1400. On the downside, support sits at $0.1184 and $0.1000 — a break under $0.1184 could open the path toward $0.10.
Outlook
The combination of tepid technical momentum and sizeable token unlocks favors the bears in the near term. Unless demand ramps up enough to absorb the incoming supply, the recent bounce may prove only a short-lived relief rally. Traders will be watching the $0.1184 support closely as a barometer of whether PI can stabilize or head lower.
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