Pi Network Faces Biggest Token Unlock of Next 30 Days: Is a Drop to $0.65 Coming?

The post Pi Network Faces Biggest Token Unlock of Next 30 Days: Is a Drop to $0.65 Coming? appeared first on Coinpedia Fintech News Pi Coin is still struggling to hold its ground in the market. After failing to hold a rally toward its old high of $3, the price once again dropped sharply. The coin recently hit $1.67 before falling back to around $0.77 at the time of writing. When Pi Coin was first listed, it started at $3 but quickly dropped to $0.60 on the same day. It managed to bounce back to $3 within 34 days, but this rise created strong selling pressure as early investors rushed to cash out. Many saw $3 as a good exit point, especially after the coin had previously fallen more than 80%.’ In terms of important price levels, Pi Coin is currently facing immediate resistance at $0.94, $1.20, and $1.66. If the price manages to break above these levels, the final bullish target in the short term remains at $3.00. On the downside, the critical support to watch is $0.65 — if the price falls below this level, it could lead to even steeper declines ahead. Upcoming Token Unlocks May Add More Pressure Adding to the concerns, a large number of Pi tokens are scheduled to unlock in the coming days, which could increase selling pressure: May 26: 10 million Pi will unlock May 27: 12 million Pi will unlock May 28: 15 million Pi will unlock — the biggest unlock in the next 30 days These large unlocks could add extra pressure on the price, as newly available tokens might be sold on the market. Positive Developments in the Pi Ecosystem Despite the price struggles, the Pi Network ecosystem is growing fast. According to analyst Kim Wong, there are now over 100 Pi-based decentralized apps (DApps), with some already live on the Mainnet, some being tested, and others still in development. Adding to the excitement, the recent launch of a $100 million Venture Fund is expected to help the growth of the Pi ecosystem even further. As more apps go live and adoption increases worldwide, Pi’s long-term potential continues to look bright. The network now boasts over 70 million users globally, including 20 million KYC-verified users and 4.3 million X (Twitter) followers. Pi Coin is also listed on several exchanges and ranks #26 by market cap among all cryptocurrencies.

Source: coinpedia