Pi Network continues to be engulfed in red during Wednesday's trading session, falling below the threshold of $0.339 and approaching the historical low of $0.322 set on August 1. The market is anxiously awaiting the event to unlock more than 149 million tokens next month — a move that could unleash significant selling pressure, amid declining liquidity and increasingly pessimistic investor sentiment.
149 Million Tokens Set to Unlock Could Push Pi Network into a Deeper Correction
According to monthly unlock data from PiScan, over 149 million tokens, equivalent to $50.71 million, will be released in September. This unlocking event is likely to increase the circulating supply of PI, leading to selling pressure and impacting the price. However, since this schedule has been announced early, the actual impact may be somewhat mitigated as traders have prepared in advance.
In addition, another concerning signal is the weakening liquidity and interest levels on the PI Network. Data from Artemis Terminal shows that the daily trading volume of the token has continuously decreased since mid-May, down to $43.8 million on Tuesday – clearly reflecting the weakening attraction in the market.
Price Forecast for Pi Network: PI Approaching Historical Low
Pi Network is moving within a descending channel pattern that has extended since mid-May, formed by a series of lower highs and lows. Just this month, the cryptocurrency has lost more than 17% of its value, falling to the historical low of $0.322 on August 1, before slightly rebounding to around $0.340 on Wednesday.
The downtrend shows no signs of ending as many technical signals continue to support the bears. The RSI on the daily frame has dropped to 38, below the neutral threshold of 50, indicating that selling pressure dominates. Meanwhile, the MACD line and the signal line of the MACD indicator are nearly overlapping, reflecting hesitation and uncertainty in trader sentiment.
If the negative trend persists, PI risks testing – even breaking through – the old low of $0.322. Conversely, in a recovery scenario, this coin could bounce back towards the short-term resistance area around $0.400.
