Pi Coin Near $0.40 After 300M Token Unlock Amid BTC Rally
Pi Coin (PI) has plunged toward its all-time low near $0.40 after the protocol unlocked over 300 million new tokens between July 4–15, boosting exchange reserves by over 100 million PI and signaling institutional sell pressure. Over the past two weeks, Pi Coin fell 26.4% to trade around $0.465, decoupling from major market gains as Bitcoin rallied to $118,000 and Ethereum reclaimed $3,000. On-chain activity remains muted despite 500,000 user migrations to mainnet and $137 Ventures backing. Technically, Pi Coin trades inside a descending channel, with RSI at 55.5, a bearish MACD, declining volume and key support at $0.40–$0.35. Resistance sits at $0.53, $0.60 and higher targets of $0.98–$1.67. While a breakout above the channel could reverse the trend, short-term downside toward $0.35 appears likely. Mid-term recovery hinges on dApp adoption via Pi App Studio, identity tools and staking features.
Bearish
The combined developments point to a bearish outlook for Pi Coin. The massive unlock of over 300 million tokens and a 26.4% price drop underscore heightened sell pressure and supply shock. Despite Bitcoin’s $118,000 surge and Ethereum’s rally above $3,000, Pi Coin decoupled from the broader market, showing a negative correlation and muted on-chain activity. Technical indicators reinforce the downtrend: Pi Coin remains in a descending channel with declining volume, a bearish MACD crossover and RSI failing to signal strong buying interest. Short-term support is at $0.40–$0.35, below current levels, suggesting further downside. While a breakout above resistance could reverse sentiment, recovery hinges on successful dApp adoption, identity tool rollouts and staking features, which are longer-term catalysts.