Pi Network increases by 46% to $0.23 USD: Selling pressure remains a major challenge

Pi Network (PI) has just reached a price target of $0.23 USD, an impressive 46% increase from the previous $0.16 USD, marking a strong breakout with a 24-hour gain of +14.22%. For Vietnamese investors, this price converts to approximately 5,750 VND, making it easier to calculate investment value. However, despite these remarkable gains, PI still faces hidden selling pressures from continuously unlocked token supplies, which heighten cautious sentiment within the investor community.

Supply pressure from token unlocks remains heavy despite 46% price increase

Data from PiScan reveals a complex picture of PI’s cash flow. In the past 24 hours alone, over 2.16 million PI tokens have been transferred to centralized exchanges, pushing the total PI holdings on these platforms beyond 432 million tokens, worth about $70.80 million USD. This figure clearly reflects a changing investor mindset, with many choosing to take profits after consecutive days of price increases.

The bigger issue lies ahead. Monthly token unlock schedules continue to create significant supply waves that the market must absorb. This month, more than 32 million PI tokens are set to be released, and next month, this number is expected to surge to 154 million tokens. The steady, prolonged unlocking acts like a hanging water bag over investors, potentially forcing the price to adjust at any moment to absorb the new supply.

Technical analysis: Breaking above $0.1919 opens new opportunities

From a technical perspective, PI’s chart shows a clash between opposing forces. The token is currently holding steady above a key support level at $0.1533 — established from a previous low — after testing resistance at $0.1919 and then reversing, resulting in a correction of about 15%.

The RSI indicator is at 47, a fairly neutral position, indicating buying pressure remains limited despite the price rise. More concerning is the MACD: although still above the signal line, the positive histogram bars are shrinking rapidly, suggesting the upward momentum may soon fade, paving the way for a bearish crossover.

PI’s positive scenario largely depends on successfully crossing the 50-day EMA at $0.1749. If successful, PI could target the resistance zone at $0.1919, a critical area coinciding with the descending trendline connecting previous peaks. A decisive breakout above this barrier could open new growth potential, possibly bringing PI closer to the $0.2613 level.

Conversely, in a negative scenario, if PI loses the key support around $0.1538, the price could decline further toward the historical low of $0.1300. The dispersal of investors facing continuous selling pressure from unlocked tokens could trigger a sell-off if market sentiment turns sour.

In summary, although PI has increased 46% to $0.23 USD, concerns over selling pressure remain. The ongoing token unlocks combined with investor sentiment—still not fully optimistic—will determine PI’s trajectory in the coming weeks. Interested investors (especially from Vietnam, where one token costs about 5,750 VND) should closely monitor the support and resistance levels mentioned above to make informed decisions.