With the TRUMP token surging by 30%, all eyes are now on Pi Coin. Millions of PI tokens are set to be unlocked this week, potentially shaking up the market. Will it be a sharp crash or just a minor correction?
Analysts are wary of looming selling pressure. Pi Coin Struggles to Hold Ground in the Market The Pi Coin continues to face difficulties in establishing a stable presence. After failing to rise above $3, the price has once again plummeted sharply.
The cryptocurrency recently reached $1.67 before dropping back to around $0.77 at the time of writing. Source: CoinGecko At its launch, the altcoin started at $3 but quickly dropped to $0.60 on the same day. It managed to rebound to $3 within 34 days.
However, this rapid increase created significant selling pressure. Early investors took their profits. Many saw $3 as a good exit point, especially after a drop of over 80% previously.
In terms of key price levels, the crypto faces immediate resistance at $0.94, $1.20, and $1.66. If it manages to surpass these levels, the final short-term bullish target remains at $3.00. On the downside, the critical support to watch is at $0.65 – if the price drops below this level, it could pave the way for even further declines.
Massive Pi Tokens Unlocking: Leading to Bearish Pressure? To make matters worse, a large number of Pi tokens are scheduled to be unlocked in the coming days, which could increase selling pressure: May 26 : unlocking 10 million tokens : unlocking 10 million tokens May 27 : unlocking 12 million : unlocking 12 million May 28 : unlocking 15 million : unlocking 15 million The most important within the next 30 days These significant unlockings could exert additional pressure on prices as the newly available tokens are at risk of being massively sold in the market. Can the Pi Project Still Surprise?
Despite price challenges, the Pi Network ecosystem is rapidly expanding. According to analyst Kim Wong, there are now over 100 decentralized applications (DApps) based on Pi, some already operational on the Mainnet, others in testing phase, and others still in development. Furthermore, the recent launch of a $100 million investment fund should foster Pi ecosystem growth.
As new applications are deployed and adoption accelerates worldwide, the long-term potential of Pi continues to look promising. The network now boasts over 70 million users globally, including 20 million KYC-verified users and 4.3 million Twitter followers. Pi Coin is also listed on several exchange platforms and ranks 26th in terms of market capitalization among all cryptocurrencies.
Exercise Caution Ahead of Upcoming Unlockings While the Pi Network ecosystem continues to develop promisingly, the upcoming massive token unlockings could exert significant bearish pressure on Pi Coin’s price in the weeks ahead. Investors are advised to remain cautious and closely monitor price developments in the days to come. With the right applications and increasing adoption, Pi’s long-term potential remains promising, but the next steps will be crucial in determining the future trajectory of this cryptocurrency.
