PI Token Dips 17% in July Amid Major Supply Unlock and On-Chain Weakness

Pi Network’s native token, PI, has extended its bearish trend in July 2025, falling over 17% for the month amid growing downward pressure and technical deterioration. The token struggles to hold above $0.4000, a critical support level last tested on June 13. A breakdown below this level could push PI toward an all-time low [1].

The downward trajectory coincides with a major on-chain event: approximately 160 million PI tokens are set to be unlocked in August, increasing the circulating supply by 2.1%. This event typically introduces increased selling pressure as early investors and miners seek to cash out [1]. Market analysts highlight that such unlocks historically weigh on price and liquidity, especially in projects with a large number of early participants [1].

Compounding the bearish environment is the delayed integration of PI by Onramp Money, a key fiat on-ramping service. The company announced on July 29 that the integration is still in progress, with an expected launch in the second or third week of August. Until the official rollout, users are advised against purchasing PI via Onramp Money. Currently, the Pi Network app redirects users to Banxa and TransFi for on-ramping, though no official endorsement from Pi Network has been issued [1].

From a technical perspective, PI has continued to form lower highs and lower lows on key timeframes. On July 29, the token edged lower to $0.43, a key support level on the 4-hour chart, with the Relative Strength Index (RSI) trending toward the oversold zone but failing to reverse [2]. The MACD line is approaching a potential bearish crossover with its signal line, and red histograms suggest increasing bearish momentum [1].

On-chain activity reveals that an unknown wallet has accumulated 1.40 million PI tokens, indicating potential buying interest amid the correction. However, this has not been enough to halt the downward trend, with Mitrade reporting a 0.61% decline on July 29, following a failed attempt to hold higher levels the previous day [3].

Price action data from July 25 shows PI trading at $0.4137 with a market capitalization of $3.21 billion, down 0.41% in the past 24 hours [7]. The token remains below $0.45, a psychological level that has failed to provide support in recent weeks. CoinGape forecasts potential support at $0.3571983 and a possible rebound to $0.3611429, though these remain speculative and subject to broader market conditions [4].

If the bearish trend persists, PI could see a further decline toward the S1 pivot level at $0.3837 and eventually the S2 level at $0.2585 [1]. A recovery would require a retest and successful reclamation of the $0.5000 level, which would signal a reversal in the current downtrend.

Overall, the market is in consolidation, with key levels poised to dictate the next move. While some accumulation suggests cautious optimism, the broader technical and on-chain environment remains bearish. Investors are advised to closely monitor both price action and on-chain developments as the token approaches critical support and resistance levels.

Sources:

[1] FXStreet – [https://www.fxstreet.com/cryptocurrencies/news/pi-network-price-forecast-pi-targets-all-time-low-ahead-of-major-token-unlock-202507310936](https://www.fxstreet.com/cryptocurrencies/news/pi-network-price-forecast-pi-targets-all-time-low-ahead-of-major-token-unlock-202507310936)

[2] FXStreet – [https://www.fxstreet.com/cryptocurrencies/news/pi-network-price-forecast-unknown-wallet-buys-the-dip-with-140-million-pi-tokens-202507291000](https://www.fxstreet.com/cryptocurrencies/news/pi-network-price-forecast-unknown-wallet-buys-the-dip-with-140-million-pi-tokens-202507291000)

[3] Mitrade – [https://www.mitrade.com/insights/news/live-news/article-3-994130-20250729](https://www.mitrade.com/insights/news/live-news/article-3-994130-20250729)

[4] CoinGape – [https://coingape.com/price-predictions/pi-network-pi-price-prediction/](https://coingape.com/price-predictions/pi-network-pi-price-prediction/)

[7] Bitget – [https://www.bitget.com/price/pi-network](https://www.bitget.com/price/pi-network)