Pi Network trapped in a narrow range as largest unlock of the month looms

Pi Network continues to trade sideways as market participants brace for a massive token unlock that could introduce new selling pressure.

Pi Coin (PI) is trading at $0.7504 at press time, up just 0.2% over the last day. In the past seven days, the token has fluctuated between $0.7406 and $0.8586, and it is still 74% below its peak of $2.99 in February.

Despite recent price stagnation, trading volume has increased. Over the past 24 hours, Pi Network has recorded over $145 million in volume, up 16.2% from the previous day, indicating renewed but cautious interest among market participants.

Yet the focus remains on a wave of upcoming token unlocks. On May 26, 10 million PI were released, followed by 12 million on May 27, as per Pi Scan data. The largest near-term unlock is set for May 28, when 15 million tokens will enter circulation, marking the biggest single-day release in the current 30-day window.

Looking ahead, another 263 million tokens will be unlocked in June, 233 million in July, and 132 million in August. On-chain data indicates that more holders are moving their tokens to centralized exchanges, which raises the possibility of more sell-side pressure at a time when unlocks seem to be increasing supply. 

Still, Pi Network is attempting to build long-term value. The recently launched $100 million Pi Network Ventures fund is designed to support AI, gaming, fintech, and e-commerce startups, creating potential real-world use cases for the token. Successful decentralized application launches and broader adoption could help revive buying interest over time.

From a technical standpoint, Pi is trading in a narrow Bollinger Band range, with the lower band at $0.53 and the upper band at $1.15. Although the direction is still unknown, the price’s mid-range position suggests low volatility and a coiled setup, which frequently precedes a breakout.

Momentum indicators are largely neutral. The relative strength index, which is at 48.36, indicates a lack of clear direction, while the stochastic RSI, which is at 18.16, indicates short-term oversold conditions. The MACD has shown bearish momentum by crossing below its signal line at 0.0047.

The majority of short- and medium-term moving averages are above the current price and continue to act as resistance. Strong volume and a breakout above $0.85 might pave the way for a move to $1.00 and possibly $1.15.

In a bearish scenario, if the $0.74–$0.75 range is not held, Pi may return to the psychological level of $0.70, with additional risk reaching $0.65 or even the lower Bollinger Band at $0.53. If there is consistent selling pressure, the massive supply overhang from impending unlocks could accelerate this decline.