Pi Network’s PI token has rallied roughly 25% over the past week to trade near $0.093, rebounding from an all-time low of $0.07 in mid-July. While some analysts point to a potential trend reversal, citing chart formations like a “Falling Wedge,” others warn the move may be short-lived. Skeptics highlight upcoming token unlocks of approximately 127.5 million coins within 30 days, which could increase selling pressure. One analyst bluntly stated they would not “buy into any relief rally,” reflecting deep caution despite the recent price surge.
Pi Network’s native token PI has posted one of the strongest weekly performances among the top-100 cryptocurrencies, rising approximately 25% to trade near $0.093. This follows a drop to a new all-time low of roughly $0.07 in mid-July, when its market capitalization fell below $1 billion.
The exact catalyst for the rebound remains unclear, as the project’s team has not released new ecosystem updates. A broader crypto market revival, with Bitcoin (BTC) crossing $66,000 and Ethereum (ETH) aiming for $2,000, may be a contributing factor.
Some analysts see further upside potential. User Crypto With Gopal stated that PI is forming a “Falling Wedge” pattern, suggesting momentum is shifting. “A strong breakout above the wedge resistance could spark a sharp relief rally as sidelined buyers step in,” they added.
Analyst OxNeena previously argued that after months of selling pressure, PI has shown signs of accumulation. They set potential upside targets of $0.20 and $0.32 if buyers continue to step in.
However, caution is warranted as previous pumps have often ended abruptly. Approximately 127.5 million PI tokens are scheduled for unlock in the next 30 days, a development that typically raises selling pressure.
User Travladd told their 500,000 followers that the asset is “looking cooked” due to excessive supply. “Won’t catch me buying into any relief rally,” they added, reinforcing the bearish sentiment among some market participants.
