Pi Network's Token PI Sees 3.08% Gain Amid Sell Pressure Concerns

Pi Network's token, PI, has recently experienced substantial activity on exchanges, with over 376 million PI now held across various platforms. This surge in tokens has sparked concerns about potential sell-offs and their impact on the token's price. Gate.io is at the forefront, holding 177 million PI in its deposit wallet, contributing significantly to the overall selling pressure.

The recent price movements of PI have been volatile. At the time of reporting, the token was trading at $0.4755, reflecting a 3.08% increase in the last 24 hours. However, the broader trend indicates a long-term downtrend, with PI trading within a descending channel. Over the past day, the token has fluctuated between $0.4612 and $0.4738, and between $0.4477 and $0.5053 over the past week. Despite these short-term gains, the token's price has declined by 5.54% over the past seven days, with a market cap of $3.62 billion.

Analysts have identified immediate resistance for PI near $0.50. A breakout above this level could potentially test higher resistance levels around $0.5486 and $0.6506. However, the Stochastic RSI is currently above 90, indicating an overbought condition. This suggests that a short-term pullback or price consolidation may occur before any extended upward move. Maintaining support above the $0.44 demand zone is crucial for any bullish continuation, and traders are closely monitoring for a sustained close above $0.50 to confirm a potential trend reversal.

The supply of PI continues to grow, with over 246 million PI set to unlock over the next 30 days, including 16.4 million on July 10. This ongoing release has created consistent sell pressure, allowing more holders to exit. Without a change in pace or demand, price recovery may remain limited. The token has dropped nearly 70% in the past two months, adding to the concerns about a potential sell-off.

The influx of PI tokens on exchanges, coupled with the upcoming unlocks, has raised questions about the sustainability of the token's price. While short-term gains have been observed, the long-term trend remains bearish. The market will be closely watching the $0.50 resistance level and the $0.44 support zone for any signs of a trend reversal. The upcoming unlocks and the selling pressure from pioneers will continue to be a significant factor in determining the token's price movement.