Date: Fri, March 21, 2025 | 07:20 AM GMT
In the cryptocurrency market, Pi Network (PI) has been facing a continuous decline since its Pi Day 2025 event, where it failed to sustain momentum despite launching its new .pi domain utility feature. The anticipated over-hyped Binance listing, which was widely speculated by the community, did not materialize, leading to disappointment among Pi pioneers and contributing to the recent sell-off.
Over the past seven days, PI has lost nearly half of its value, dropping by 47%. Today alone, the token witnessed a double-digit decline of 24%, largely attributed to token unlocks that have put significant selling pressure on the market.
Is Token Unlock Adding Selling Pressure?
The ongoing decline in PI’s price can be linked to large token unlocks. According to PiScan, today on March 21, PI is set to release 19.9 million PI tokens worth $17.88 million into circulation. Additionally, over the next two days, approximately $23 million worth of tokens will be unlocked, creating a wave of selling pressure before transitioning into a period of smaller, steadier unlocks.
This influx of supply could be increasing downward pressure on the price as newly unlocked tokens hit the market.
Dips to Key Support
On the 4-hour chart, PI is forming a falling wedge pattern, a classic bullish reversal setup. Since reaching its peak of $3.00 on February 26, the token has been in a persistent downtrend, losing more than 70% of its value. Today, PI has dipped to the lower support of the wedge at $0.88, a crucial trendline that has previously acted as strong support.
If this pattern holds and PI successfully bounces from this support level, it could attempt a move toward the upper resistance of the wedge and reclaim the 20-day moving average (MA). A breakout from the wedge could lead to a rally toward the next key resistance level at $1.21.
However, if PI fails to hold this support, another wave of selling pressure could push its price down toward the $0.70 bottom support zone, leading to a deeper correction. The upcoming days will be critical in determining whether PI can recover from this drop or continue its downward trajectory.
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