Will the 10M Token Unlock Trigger More Losses?

Pi Coin struggles to hold above its current support level as 10.4 million of the tokens are set to be unlocked today as part of the 231 million Pi expected to be released in May. Analysts have observed the impact on the price; however, they anticipate a bullish reversal triggered by other catalysts, including major exchange listings. Pi Coin has been trading sideways since April, printing losses across all the major trading sessions. According to our market data, the asset has declined by 0.46% in the last 24 hours, 2.4% in the last seven days, 8.6% in the last 30 days, and 65.4% in the last 90 days. While Pi Coin has struggled to break above the $0.73 resistance level, it has also been able to hold above the $0.53 support level on the monthly chart despite its disappointing trading volumes. Currently, the asset trades at $0.58 with a market cap of $4.14 billion, making it the 27th largest crypto in the world. Pi Coin Token Unlocks and the Impact on Price The short-term outlook of Pi Coin does not look promising as demand continues to decline amidst the ongoing token unlocks. According to our research, 231 million Pi Coins would be unlocked in May, with 10.4 million of the asset set to be released today. Looking into data from PiScan, we also found that 222 million Pi Coins would be unlocked in June as part of the strategic decision to gradually release 1.4 billion tokens ($850 million) into the market over the next year. The impact of this exercise on the price could be similar to the April performance, where Pi moved in a tight range. Within the month, the daily unlock ranged from 5 million to 6 million Pi tokens. As also indicated in our previous news brief, the unlock program may subsequently lead to an oversupply, increase selling pressure, and subdue the existing momentum. Similarly, the COO at Bitget Wallet, Alvin Kan, has explained that the initial surge of the token was triggered by anticipation. However, the recent downturn was caused by the unlock program and the transition to a long-term project, as featured in our earlier news story. Meanwhile, other market analysts believe that the current behaviour of the asset is common among tokens that have few major exchange listings and declining trading activities. Currently, Pi has been found at the accumulation phase of the Wyckoff Theory, suggesting that there could be a price surge in the future due to Fear Of Missing Out (FOMO). According to CoinCodex analysts, Pi may stage a surprising bullish reversal to reach an all-time high price of $4. However, this would be subject to Coinbase or Binance listing, and the Bitcoin performance. As recently explored by CNF, a listing on Binance could become possible with its regulatory progress and strong community. This has been confirmed by analyst Dr Altcoin, who pointed out a significant change in regulatory position after Bitmart suspended the token over Know Your Business (KYB) compliance risks. From May 14 to May 16, the Pi Network’s founder, Nicolas Kokkalis, would speak at the Consensus 2025 in Toronto. According to reports, the community is expecting a statement on the Decentralised Applications or Know-Your-Business (KYB) approvals to reignite excitement around the project. Source: https://www.crypto-news-flash.com/pi-coin-price-prediction-will-the-10m-token-unlock-trigger-more-losses/