As summer begins, Pi Coin is struggling to find upward momentum. After peaking near $3 in February, the price has collapsed by over 75%, now hovering around $0.69. According to Dey There, investor sentiment has turned increasingly cautious amid bearish technical signals, high-volume token unlocks, and rising exchange inflows.
Stuck in a Bearish Channel
Pi Coin has remained trapped between $0.688 and $0.816 over recent weeks. All major short-term moving averages now sit above the current price—an unmistakable sign that bears remain in control. Bollinger Bands are tightening, MACD remains in negative territory, and RSI hovers at a neutral 43. These indicators collectively suggest limited bullish momentum in the short term.
Despite a choppy trading pattern, 24-hour trading volume surged by 42% to $158 million, indicating increased movement of Pi tokens onto exchanges. This signals potential sell-side pressure. Support levels at $0.60 and $0.50 are now critical, while any move toward recovery must overcome stiff resistance at the $0.75–$0.78 range.
Short-Term Outlook and Market Sentiment
Analysts expect Pi Coin to fluctuate between $0.70 and $0.76 through the end of May. A potential test of $0.85 could emerge if buyer interest returns, but this would require sustained volume. Despite the Pi Core Team’s recent announcement of a $100 million development fund aimed at boosting real-world adoption, many investors remain unconvinced due to a perceived lack of roadmap clarity.
The looming concern, however, remains the token unlock schedule. In June alone, 263 million Pi tokens are set to be released into circulation, followed by 233 million in July and 132 million in August. In a market already low on demand, these figures significantly elevate the risk of downward price pressure.
Pressure Builds From Unlocks and Exchange Transfers
On-chain data shows a sharp increase in wallet-to-exchange transfers over the past two weeks, further validating concerns of upcoming sell-offs. With many miners looking to cash in early, Pi’s price could slide toward the $0.58–$0.65 range.
That said, not all is bleak. CoinDCX analysts believe a sudden influx of demand could trigger a swift rally toward the $1.00–$1.20 zone. With strong momentum, they set a bullish target of $1.82 by month-end. However, others like Dr. Altcoin have warned that a continued lack of transparency could drag Pi down to $0.40.
The community’s biggest question remains: When will the Pi Network core team deliver meaningful progress reports? Until that happens, the market narrative will likely be dominated by weak technicals and the weight of massive token unlocks.
References:
CryptoQuant. “On-Chain Market Insights.” https://cryptoquant.com
CoinMarketCap. “Pi Coin Live Price Data.” https://coinmarketcap.com
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