2.16 Million Tokens Flood Exchanges, Can Pi Network Defend $0.15 Support Level?

▲ Pi Network (PI) / Image generated by ChatGPT ©

Pi Network (PI) is fighting to defend a key support level as a massive token unlock and substantial inflows into centralized exchanges have combined to unleash intense selling pressure.

According to investment media outlet FXStreet on February 25 (local time), Pi was barely holding above the $0.1600 level on Wednesday, extending a 2% rebound from the previous day. Data from PiScan shows that 2.16 million Pi tokens flowed into centralized exchanges in the past 24 hours alone, pushing total exchange reserves past 432 million tokens, valued at approximately $70.8 million. This reflects declining investor confidence and heavy selling sentiment.

An overwhelming token supply schedule is adding further pressure. An additional 32.36 million Pi tokens are set to be unlocked for the remainder of this month, followed by a staggering 154.07 million tokens scheduled for release in March. The continuous monthly surge in circulating supply is emerging as the biggest obstacle to Pi’s price recovery attempts.

Technical indicators are also flashing bleak bearish signals. After being rejected at the $0.1919 resistance level and plunging about 15%, Pi is now precariously hovering above its October 10 low of $0.1533. If this critical support fails decisively, the price risks a sharp سقوط toward its all-time low of $0.1300 recorded on February 6.

The Relative Strength Index (RSI) has slipped from 62 to 47 since the 17th, remaining below the neutral line and signaling severely weakened buying momentum. The Moving Average Convergence Divergence (MACD) indicator is also warning of a potential bearish crossover as its bullish histogram contracts. The outlet analyzed that for Pi to stage a meaningful recovery, it must first break above the 50-day Exponential Moving Average (EMA) at $0.1749. A further move past the $0.1919 resistance could open the door to a rebound rally toward $0.2613.

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