Pi Network’s PI token surged 15% in 24 hours, reaching $0.096 and restoring its market cap to $1 billion. The rally follows a recent drop to an all-time low of $0.07. However, token unlock data shows August unlocks of 128 million PI, up from 103.7 million in July, with 132.7 million more in September. The increasing supply could boost selling pressure and threaten the recovery.
Pi Network‘s native token, PI, has experienced a significant price surge over the past 24 hours, rising from $0.083 to a three-week peak of $0.096. This 15% increase has pushed the token back above $0.09 and brought its market capitalization back to the $1 billion mark.
The move comes after a volatile period for the altcoin. Less than a month ago, PI fell to a new all-time low of $0.07, breaking below key support levels at $0.10, $0.09, and $0.08.
Bulls quickly pushed the price back to $0.10 within a week, but that rally was short-lived as the token was rejected and slumped below $0.075. PI later rebounded to above $0.08 in late July and early August, remaining there for several days.
The latest breakout has been the most positive move in weeks, though the token faced rejection at $0.096. Data from PiScan reveals that the number of tokens scheduled to be unlocked in August is 128 million, higher than the 103.7 million unlocked in July and the 77 million in June.
An additional 132.7 million PI tokens are set to be released in September. This rising unlock volume could increase immediate selling pressure from investors who have been waiting for their assets, potentially halting the price recovery if they decide to sell en masse.
