TLDR
- Pi Network (PI) is trading at $0.7504, trapped in a narrow range between $0.7406 and $0.8586
- Major token unlock of 15 million PI tokens scheduled for May 28, the largest single-day release this month
- Trading volume increased 16.2% to $145 million in 24 hours despite price stagnation
- Technical analysis shows a symmetrical triangle pattern suggesting potential 20% price rally to $0.92
- Pi Coin’s open interest surged to $21 million following Kraken futures listing
Pi Network continues to trade sideways at $0.7504, showing minimal movement with just a 0.2% daily gain. The token remains 74% below its February peak of $2.99, reflecting ongoing market challenges.
Trading volume has picked up momentum despite the price consolidation. Over the past 24 hours, Pi Network recorded $145 million in volume, marking a 16.2% increase from the previous day.
The market faces immediate pressure from scheduled token releases. On May 26, 10 million PI tokens were unlocked, followed by 12 million on May 27. The largest near-term unlock arrives May 28 with 15 million tokens entering circulation.
This represents the biggest single-day release in the current 30-day window. Looking ahead, unlock schedules show 263 million tokens planned for June, 233 million for July, and 132 million for August.
On-chain data reveals more holders are transferring tokens to centralized exchanges. This movement raises concerns about increased selling pressure as supply continues expanding through regular unlocks.
Technical Analysis Points to Breakout Potential
Despite the bearish fundamental backdrop, technical indicators suggest potential upside movement. Pi Network trades within a symmetrical triangle pattern on the four-hour chart, typically indicating trader indecision.
The token currently tests the 200-day Simple Moving Average, which serves as key resistance. Historical patterns show price rallies often follow successful defense of this level as support.
If bulls overcome current resistance, the next target sits at the 50-day SMA of $0.86. A successful breakout from the triangle pattern could drive prices up 20% toward $0.92.
The Relative Strength Index stands at 48.36, showing neutral momentum. The Stochastic RSI reads 18.16, indicating short-term oversold conditions that could support a bounce.
Derivatives Market Shows Renewed Interest
Pi Coin’s open interest reached $21 million after adding nearly $3 million in under 12 hours. This surge follows the recent listing of Pi futures on Kraken exchange.
Funding rates briefly turned negative before returning to positive territory. This shift signals long interest has returned as traders anticipate potential upward movement.
The increased derivatives activity coincides with Pi Network’s broader development efforts. The project launched a $100 million Pi Network Ventures fund targeting AI, gaming, fintech, and e-commerce startups.
Pi Network trades between Bollinger Bands with the lower band at $0.53 and upper band at $1.15. The mid-range position suggests low volatility that often precedes breakouts.
Downside risks remain present if current support fails. A break below the $0.74-$0.75 range could send prices toward $0.70, with further decline possible to $0.65 or the lower Bollinger Band at $0.53.
The MACD indicator shows bearish momentum after crossing below its signal line at 0.0047. Most short and medium-term moving averages remain above current price levels, acting as resistance.
Strong volume and a breakout above $0.85 could pave the way for moves toward $1.00 and potentially $1.15. However, the massive supply overhang from pending unlocks may limit upside potential if selling pressure intensifies.
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