Market Flooded with 376 Million Pi: Is a Massive Pi Network Sell-Off Looming?

Despite recent short-term gains, the Pi Network (PI) cryptocurrency is experiencing pressure with 246 million PI set to unlock this month. The coin, trading within a descending channel, has seen a modest recovery of 3.08% in the last 24 hours and is currently priced at $0.4755. However, a long-term downtrend is still in place and the coin needs to maintain support above the $0.44 demand zone for any bullish continuation.

Immediate resistance at $0.50 could trigger a further rise if breached. Adding to concerns is the fact that 376 million PI is now held on exchanges, led by Gate.io, causing anxiety over sustained sell-offs. The supply of PI is continuously increasing, creating consistent sell pressure and without a change in pace or demand, price recovery may remain limited.