- Pi Network price has crashed and is hovering at its lowest point since February.
- The network will unlock 166 million tokens in June this year.
- Technical analysis points to more downside, potentially to a record low.
Pi Network price has collapsed and is hovering near its lowest point since February this year. It has plunged by 51% from its March high, making it one of the top laggards in the crypto industry. This retreat may continue ahead of the upcoming 166 million token unlocks in June.
Pi Coin Token Unlocks to Jump in June
One main reason why Pi Network price is struggling this year is that the number of circulating tokens continue rising, while demand has largely dried up. Data shows that the network will unlock over 166 million tokens in June. These tokens are worth over $23 million at the current price.
Pi Network will then unlock 1.8 billion tokens worth $260 million in the next 12 months. In most cases, crypto projects with substantial token unlocks compensate it with token burns, which Pi does not have.
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It is common for cryptocurrencies with substantial token unlocks to rally, especially when there is substantial demand. In Pi’s case, there are signs that the token’s demand has dried up, with the 24-hour volume falling by 17% to $8.9 million.
The same is happening as the exchange inflows continue rising. Data shows that total exchange inflows jumped by over 1.4 million. Most of the inflows came from OKX, which received over 3 million tokens.
These events are coming at a time when Pi Network has announced some notable developments. One of the most important developments came from CiDi Games, the company it invested in last year. In a statement, the network said that its games have had over 81,000 pioneers from around the world. These users have played over 1.2 million sessions organically.
The developers also noted that they had launched an upgrade to its App platform. This upgrade made it possible for developers to launch their AI-developed applications to its 60 million users.
Pi Network Price Prediction: Technical Analysis
The daily chart shows that the Pi Coin price has been in a strong sell-off in the past few months. This plunge started in March when it peaked at $0.2980 after the Kraken listing.
The token crashed below the crucial support level at $0.1635 on March 16, its lowest point in April. Also, the Average Directional Index (ADX) rose to 35, its highest point since March 27. A rising ADX is a sign that the sell-off is gaining momentum.
The coin has plunged below the 50-day Exponential Moving Average (EMA) and the Stochastic Oscillator. Therefore, the token will likely continue falling, potentially to the all-time low of $0.1290, its lowest point on February 6 this year.
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