Pi Network price declined on Sunday as traders prepared for a significant token unlock event that could possibly add to the already increased selling supply in the marketplace. Pi Coin traded at approximately $0.1453 and is very close to its historical lowest price of $0.1305.
Since the beginning of the year, Pi has lost more than 90% of its value after it reached a record high. It has also continued the trend of a prolonged bearish momentum.
According to a post shared by Pi Network’s Dr. Picoin on X, more than 82 million Pi Coins are expected to unlock in the coming 7 days, creating a larger amount of potential short-term selling pressure.
The total value of the supply about to be unlocked using today’s price is estimated to be around $11 million. This represents only a small portion of a much larger plan to add 206 million Pi Coins to circulation by the end of this month.
Further Downside in March?
Some additional downside should be expected next month. In March, validators will receive their rewards and can release even more tokens into circulation.
Additionally, developers have indicated that they are close to finalizing the testing of the validation reward system, as they have completed the design. Therefore, there should be no issue with the implementation.
Also Read | Pi Network (PI) Slips 2% as Bearish Trend Persists, $0.25 Reversal Zone in Focus
Possible Catalyst For Upward Price Movement
Despite the prevailing bearish trend, Pi Network has one potential upward price movement catalyst. The token was recently listed on Kraken’s official asset listing roadmap.
Many traders view the inclusion of a cryptocurrency on Kraken’s asset listing roadmap as the first stage towards full exchange support. If Pi Network were to receive full exchange support through Kraken, it would further provide substantial liquidity and trading volume.
The addition of a cryptocurrency to Kraken’s listing roadmap is typically associated with investor speculative interest based on historical data. However, the timing of the listing is currently unclear as no specific date has been announced by the company.
Technical Analysis Supports Bearish Trend
In addition, the technical analysis on the TradingView 4-hour chart supports the bearish trend as the coin continues to trade under both the 50-period Exponential Moving Average (EMA) and the 200-period EMA. This is the confirmation that the seller’s momentum continues to grow.
Source: TradingView
The Relative Strength Index (RSI) is currently reading 40, which can indicate that the momentum of the coin is neither overbought nor oversold, but neutral.
From a price structure standpoint, the key level to monitor is $0.1520. Prior to the token’s recent price decline, the $0.1520 area had acted as strong support and now serves as a barrier to upward price movement.
Why This Matters
Although the creation of a new token supply may lead to short-term volatility, improved technical signals, along with the potential of the Kraken exchange support, could enable Pi Network regain momentum.
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