- 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 the Pi Network price is struggling this year is that the number of circulating tokens continues to rise, 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, over the next 12 months. In most cases, crypto projects with substantial token unlocks compensate them 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 demand is strong. In Pi’s case, there are signs that demand for the token has dried up, with 24-hour trading volume falling 17% to $8.9 million.
The same is happening as exchange inflows continue to rise. 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 their App platform. This upgrade enabled developers to launch their AI-developed applications to their 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 began in March, peaking 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 indicates 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 to fall, potentially reaching its all-time low of $0.1290, set on February 6 this year.
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