Pi coin is at a critical moment as a large number of tokens are scheduled to be unlocked in the coming days, which may add selling pressure to the market. Starting from May 6, 2025, millions of Pi tokens will be unlocked each day. On May 6 alone, over 10.5 million tokens worth approximately $5.87 million will be unlocked.
A similar amount will be released in the coming days, with over 231 million tokens to be released in May and another 222 million tokens in June. In total, over 1.4 billion new Pi tokens, worth more than $850 million, will be in circulation over the next year.
These unlocks may drive more individuals to sell their tokens, especially those allocated in the early days of the project. If not offset by higher demand, this increase in supply tends to pull prices down. Pi Coin is trading at around $0.5802, down over 80% from its all-time high.
This coin has also seen lower trading volume recently and has been stuck in a tight price range since early April. This may indicate that it is in the "accumulation" phase of the Wyckoff market cycle, a phase where investors quietly accumulate positions before a potential breakout.
Despite the pressure from the unlocks, there are still some glimmers of hope. The Pi Network has reached 120 million app downloads, indicating high user demand. Additionally, there are rumors about the possibility of being listed on an exchange. HTX (formerly Huobi) has hinted at a listing, and Pi has been spotted on several test pages on Binance, although there has been no confirmation. A listing on Binance would increase liquidity and attract more buyers.
Some pioneers have very high expectations for Pi coin, even predicting it will reach $314.159, an ambitious target. According to analysts, if Pi can overcome the resistance of $0.7932, it could reach $1, but the current market conditions make that a tough hill to climb in the short term.