Pi Network (PI) Price Prediction: Daily volume falls below 100 million USD, will the Whale completely sell off and disappear?

The core team of Pi Network (PI) released multiple ecosystem updates during the recently concluded "Pi Day" event, but failed to boost market sentiment. The price of Pi coin and trading activity gradually decreased in the following days. According to CoinMarketCap, the 8-day trading volume of Pi has fallen below 100 million dollars—just on Sunday, the trading volume was only 46 million dollars. The steady decline in interest indicates that momentum is weakening, supporting the bearish forecast for the price of Pi coin in the short term.

Until July 10, the daily token unlocking volume of Pi will remain at a relatively high level, which means that the sell-off pressure this week may accelerate until the rate of token supply increase slows down.

On that day, 14.6 million coins will be released into the market. One day later, this number will drop to 10.6 million, and by August 4, it will gradually decrease to only 4 million. The reduction in selling pressure may help alleviate the impact of further falls.

Pi coin price prediction

According to Cryptonews, the 4-hour chart of PI coin shows a bearish breakout at the key support level of 0.475 dollars, which may indicate that the token is about to retest the historical low of 0.40 dollars.

During the Pi Day event, the core team launched a controversial zero-reward staking program, through which users can rate their favorite Pi ecosystem applications without receiving any benefits.

This may be an unprecedented proposal in the cryptocurrency ecosystem, as the staking mechanism always provides rewards to investors in exchange for their help in securing the network or reducing the circulating supply of tokens.

From a technical indicator perspective, the Relative Strength Index (RSI) is still below 50 and is trending down after a failed retest and rejection of breaking through $0.475. This failed retest supports a bearish Pi coin price prediction and increases the likelihood of a drop to $0.40.

As Pi struggles to meet expectations and loses momentum on the charts, some traders are turning their attention to updated opportunities with greater upside potential.

(Source: Trading View)