Largest Daily Unlock Scheduled for July 4th

TL;DR

• PI’s price dropped below $0.50, and a record million token unlock on July 4 could intensify selling pressure. 
• Despite the decline, some analysts on X cite strong demand, potential accumulation by large investors, and bullish technical patterns to envision a possible breakout.

Fasten Your Seat Belts

Several well-known cryptocurrencies have witnessed substantial price increases over the past week. However, Pi Network’s PI is among the few in the red zone, plunging by 8% within that timeframe and currently trading well below $0.50.

Moreover, certain important factors suggest that investors should prepare for volatility in the following days. According to Piscan, a major token unlock is scheduled for this week, with a record 19.2 million PI expected to be released on July 4. This will mark the largest single-day unlock to date. The amount of freed tokens will remain high until mid-July, after which the pace is expected to slow down.

The development will allow people to sell coins they have been waiting for a long time. While it doesn’t guarantee widespread selling, it does increase the likelihood of downward price pressure.

Bulls Will be Bulls

The aforementioned factors might point to a further correction, but many X users remain optimistic that PI’s price could experience a major resurgence soon. 

The one using the moniker Woody Lightyear thinks the asset is preparing for “a big pump.” He provided a quick recap of PI’s price performance around Pi2Day (June 28), highlighting that the token had been trading around the $0.50 range. 

“The market maker and a few large Investors pumped and dumped a few days ago. Unexpectedly, after Pi2Day update, PI coins started flowing back from exchanges to the ecosystem for staking and other engagements.

They misjudged the situation and are trying to buy back the Pi they dumped by pressing the price down to buy low. But the demand keeps increasing at the $0.5 range,” he added.

For their part, MoonBitz pointed out certain bullish elements such as the formation of a double bottom holding, a wedge pattern tightening, and the launch of a Pi AI Studio to predict “a possible breakout.”