Pi Network’s PI token stumbled again Thursday as the market wrestles with a mix of weak technicals and a fresh wave of token unlocks that could add near-term selling pressure.
What’s happening
- PI slipped after three straight down days earlier in the week and remains caught in a broader downtrend that began in late April.
- The immediate recovery outlook is clouded by a scheduled influx of newly unlocked tokens that could expand circulating supply and give traders more inventory to sell.
Token unlocks that matter
- PiScan shows about 16 million PI were slated to unlock on Thursday, with another ~14.8 million becoming eligible for mainnet migration the following day.
- Once unlocked or eligible for migration, tokens can be moved to exchanges—raising the odds of increased selling. Historically, large unlock events have tended to produce short-term downward pressure as previously restricted holdings become liquid.
On-chain activity
- Recent on-chain data points to notable wallet movements: three of the five largest transactions in the past 24 hours involved roughly 255,000 PI being transferred, signaling that major holders are already active.
Technical picture
- PI is trading around $0.1250 but remains beneath the key moving averages on the 4-hour chart (50-, 100- and 200-period), indicating sellers still control the short- to mid-term trend.
- Momentum indicators are weak: RSI sits near 43, and the MACD and its signal line are slightly below zero—both signs that buying pressure is limited.
- Near-term resistance sits at $0.1299. If bulls can clear that level, upside targets include $0.1360 (near the 100-period EMA) and $0.1400.
- Critical supports to watch are $0.1184 and $0.1000. A decisive break below $0.1184 could open the door toward the $0.10 region.
Bottom line
Pi has steadied after recent losses, but the combination of muted technical momentum and sizable, scheduled unlocks keeps the risk tilted to the downside. Unless demand steps up to absorb the incoming supply, any rally may be short-lived—making the $0.1184 support level the key line in the sand for traders over the next few days.
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