The PI network is facing the largest token unlock in the next 30 days: Is a drop to $0.65 coming?
The post-PI network is facing the largest token unlock in the next thirty days: Is a drop to $0.65 coming? First appeared on Coinpedia Fintech News.
PI Coin is still struggling to maintain its position in the market. After failing to hold the previous high of $3, the price has dropped sharply again. The currency recently reached $1.67 before retreating to around $0.77 at the time of this report.
When PI Coin was first listed, it started at a price of $3 but quickly fell to $0.60 on the same day. It managed to bounce back to $3 within 34 days, but this surge led to strong selling pressure as early investors rushed to cash out. Many saw $3 as a good exit point, especially after the currency previously dropped over 80%.
In terms of important price levels, the PI coin is currently facing immediate resistance at $0.94, $1.20, and $1.66. If the price can break above these levels, the ultimate short-term upside target remains at $3.00. On the downside, critical support to watch is $0.65 - if the price drops below this level, it could lead to sharper declines.
The upcoming token unlocks may add more pressure.
Adding to the concerns, a large number of PI tokens are set to unlock in the coming days, which could increase selling pressure.
May 26: 10 million PI will unlock.
May 27: 12 million PI will unlock.
28: 15 million PI will unlock - the largest unlock in the next thirty days.
These large unlocks can add additional pressure on the price, as newly available tokens may be sold in the market.
Positive developments in the PI ecosystem.
Despite price struggles, the PI network ecosystem is growing rapidly. According to analyst Kim Wong, there are now more than 100 decentralized applications based on PI (DAPPS), some of which are already live on Mainnet, others are being tested, and some are still in development.
Adding to the excitement, the recent launch of a $100 million investment fund is expected to further support the growth of the PI ecosystem. With the number of applications going live increasing and adoption growing worldwide, the long-term potential of PI still looks bright.
The network now boasts over 70 million users worldwide, including 20 million KYC users and 4.3 million × (Twitter). Coin Coin has also been listed on several exchanges and ranks 26th by market cap among all cryptocurrencies.
#Largest #Unlock #to #Upcoming #Decline #Facing #Dollar #Token #Network #Coming #Lock #Duration #Is #There #A Day
