Pi Coin Price Reaction To $128M Unlocks & Exchange Withdrawals

Key Insights

• Pi coin price is under pressure due to weakening momentum and failed bullish attempts. What’s the expert view on why PI is down today?
• PI in exchanges keeps increasing daily, 368 million PI, with OKX now holding only 24.8M after 300M was withdrawn by wallet “ODM”.
• About 278M PI, 5.32% of total locked coins valued at $128M, will be unlocked in the next 30 days.

Pi coin price has shown inconsistent movements with little recent impact. It dropped below the $1 mark, signaling weakness.

As Q3 unfolds, market dynamics could push the Pi price down or trigger a reversal. Exchange activity and upcoming token unlocks will likely play a key role in shaping its direction.

Why Is Pi Coin Price Down Today?

The 4-hour PI coin price designated an enduring bearish pressure. The price of $0.4822 was close to the recent lows, and the Supertrend was now red and bearish, and the resistance was at $0.5091.

All bullish efforts were rejected at that level, arguing that sellers retain control. The DMI indicator also confirmed the same with a -DI of 28.58 ahead of +DI of 15.74. Pi price has not set new highs over the rejected one, which was attained in late June at around $0.64.

Pi Coin price increased in the last several candles. However, the momentum indicators showed signs of tiredness and no reversal. Once bulls take control and propel over $0.5091, it could wash out the bearish structure.

However, with no apparent strength in the reversing DMI, recovery could soon be out of the question. Downside risks could grow if the $0.46–$0.48 support zone fails.

The bounce might then face strong resistance, limiting further upward movement. The trend was quite weak at press time until new signals appeared.

Pi Coins Leaving Exchanges

Pi coin price was trading at $0.46, a decline of 4.52% in 24 hours, indicating the new selling power. The market cap was 3.51 Billion, which is most likely symbolic due to the PI’s pre-mainnet phase. Meanwhile, there were 7.64 billion Pi circulating, and 5.23 billion were locked.

Centralized exchanges held 369.6 million PI, with Bitget managing 128.6 million. OKX saw its balance shrink to 25.8 million after wallet ODM triggered a massive 300M PI outflow.

Any large outflow was indicative of long-term holding or off-market sales. That could be the effect of decreasing the applied selling pressure. However, they are likely to enhance the potential of creating price volatility.

The level of network activity was 1.072 transactions per second (TPS) and 21.5 million established blocks. This means a moderate level of chain exploitation.

The market was getting busier since the PI exchange balances continued to grow. However, this degree of concentration made PI vulnerable to mass sell-offs or significant holder positioning risk.

In case of further withdrawals, there was a chance of a drop in short-term liquidity in PI. This could support the price. Nevertheless, downside pressure might prevail if inflows increase once again.

Can PI Unlock Fuel Selling Pressure?

Nearly 5.23 billion PI remain locked, but 278.5 million PI are set to be unlocked in the coming 30 days. This unlock event could significantly influence Pi Coin price movement. This corresponded to 5.32% of the overall supply, worth 128 million.

The average daily unlock was 9.28 million PI, about $4.26 Million. The biggest daily unlock date was July 7, when 17.24 million PI worth more than $7.92 million will be released.

Daily Pi unlock rates remained steady until mid-July. Afterward, they declined, showing smaller unlock figures through early August.

Gradual PI sales could increase the circulating supply in the market. This might lead to mild selling pressure as holders begin offloading their tokens.

This effect, however, was subject to the actual selling behavior as compared to holding or staking. The unlocks could also increase the trading volume and liquidity.

However, there was a threat that it could blow up, but it may not be bearish. If the demand exceeds the supply, the price of PI might not change.

Nevertheless, in the short term, there could be restructuring. This may occur if the recipients are eager to sell immediately after unlocking tokens.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.