Pi Network Falls 8% Amid Bitcoin Surge and Upcoming Token Unlock

As Bitcoin surpassed $107,000, most altcoins gained, while Pi Network dropped 8% to approximately $0.5622 after a 38% rise earlier in the week.

  • The decline followed speculation regarding AI integration and hype around the upcoming Pi2Day event.
  • A token unlock in July could add 274 million PI to circulation, affecting market sentiment.
  • Currently, around 680 million Picoins are in circulation, with 2.6 billion from the first migration still locked.
  • Optimism remains for Pi2Day on June 28, fueled by rumors of a potential AI partnership with Google.
  • Social media activity has increased due to hints of significant announcements related to Pi Network.

Technical Analysis

PI's 4-hour chart indicates an ascending triangle pattern, suggesting bullish continuation. Key details include:

  • Support at the 0.382 Fibonacci level around $0.5265 has held during recent corrections.
  • Breaking above resistance near $0.66 could target prices around $0.75 and potentially $0.84.
  • The RSI remains stable, indicating consolidation rather than a downturn.
PI forms an ascending triangle

PI forms an ascending triangle | Source: TradingView