Pi Coin Drops 1% as 4.9 Million Tokens Unlock

Pi Coin experienced a slight dip, falling 1% to $0.63, as 4.9 million new tokens were unlocked on April 22. This unlocking event introduced additional supply into the market, exerting downward pressure on the token's price. Despite this, significant whale activity and optimistic long-term forecasts indicate sustained investor interest in Pi Coin.

Pi Coin has been facing resistance at the $0.65 level, struggling to regain momentum after reaching a peak of $3 on February 26. The token has since declined by 85% and has been trading within a sideways range. Recent attempts to surpass resistance have been met with fading momentum, largely due to the continuous unlocking of tokens. Over the past week, Pi Coin has decreased by 15%, contributing to a monthly loss of 37.6%, despite a recent 8.3% surge over the past two weeks. The unlocking of 4.9 million tokens today further adds to the supply, which has been weighing on price action in recent weeks, with no immediate catalysts in sight.

Despite the muted price action, large holders, or whales, have been making strategic moves. Recently, a whale transferred 7.5 million PI tokens, valued at nearly $5 million, from the crypto exchange OKX to a private wallet. This transfer is part of a broader pattern, as the wallet has accumulated over $48 million worth of Pi Coin, now valued at approximately $31 million. These actions suggest that whales may be anticipating future developments that could drive up the asset’s price.

Technical analysis from TradingView indicates a sell trend, with nine indicators recommending a sell, ten remaining neutral, and only three suggesting a buy. The moving averages also lean heavily toward a “Strong Sell,” with eight indicators backing a downturn and just two showing buying potential. Oscillators, however, remain mostly neutral, with key indicators like the RSI at 42.81 and the MACD showing a buy signal. The mixed signals suggest short-term market indecision, though bearish momentum may dominate if current trends persist.

Despite the current challenges, Pi Coin’s long-term outlook appears more positive. According to CoinCodex projections, PI could trade between $0.63 and $2.16 by April 2025. This range reflects possible market improvements and the impact of anticipated listings on major exchanges. Similarly, crypto analyst Seg expects Pi Coin to reach $3.14 once the token breaks through the resistance level and the bull market resumes. These forecasts suggest that if exchange listings materialize, Pi Coin could see potential gains in the future.