PI price pressure as exchange inflows and token unlocks near Protocol 22 deadline
PI Network’s PI token is trading under pressure despite a broader crypto rebound. The article flags two near-term drivers for traders: PI exchange inflows and upcoming PI token unlocks.
On-chain data shows nearly 3 million PI moved from self-custody to centralized exchanges in 24 hours, lifting exchange balances to about 508 million PI. This “exchange inflow” pattern can increase short-term selling risk, especially when price momentum is weak.
Meanwhile, PI faces unlock pressure: close to 200 million PI tokens are scheduled to unlock over the next 30 days, with the biggest day on May 1 (around 20.9 million PI).
Operationally, Pi Network continues to push Protocol 22. A PiCoreTeam notice (via Coindar) says Mainnet nodes must upgrade to Protocol 22 by April 27 to stay connected and support network stability, positioning it as a step toward fuller smart-contract functionality.
Net takeaway for traders: PI exchange inflows plus the heavy PI token unlock calendar raise near-term downside risk even as Protocol 22 progress and recent testnet updates remain potential longer-term positives.
Bearish
The latest article’s core message is that PI faces near-term sell pressure from both flow and supply. First, the move of ~3M PI to centralized exchanges increases the probability of additional selling, particularly because it comes while PI lacks strong price momentum (reported ~4% weekly weakness). Second, a large unlock schedule—nearly 200M PI in 30 days with the heaviest release on May 1—can add systematic supply overhanging the market.
Protocol 22 provides a possible longer-term support narrative (node upgrade deadline April 27; smarter-contract readiness), but the market impact is expected to be dominated by immediate liquidity dynamics. Historically, unlock-heavy calendars combined with exchange inflows often pressure tokens in the weeks leading up to key unlock dates, making rallies harder to sustain unless buying demand materially offsets the supply.