Pi Coin’s price has experienced a modest surge of over 3% today, but remains confined to a narrow trading range, unable to decisively break through the $0.70 resistance level. While a short-term price increase is observed, concerns arise as a significant influx of Pi tokens is imminent in the coming weeks. Approximately 5.8 million PI tokens are scheduled to unlock today, with a much larger wave — 223 million tokens — set to be released over the next 30 days. This substantial new supply could further intensify downward pressure on the price, particularly in the absence of robust buyer demand. 5.8 Million tokens are already unlocked, and if Pi’s price doesn’t surpass $0.66 (currently hovering around that level), it risks a deeper decline as these token unlocks flood the market. However, if the price manages to close above this key support on the daily chart, analysts suggest this could open the door for a potential rally towards $1 or higher. If not, the price is likely to slide further. 2023 has already seen dramatic price swings in Pi Coin – from its peak of around $3 to its current value of around $0.66. Early investors and miners who engaged in Pi’s early days in 2019 and 2020 have been particularly disappointed by this volatility. Multiple factors have contributed to Pi’s ongoing price struggles: Mass Selling Following Token Releases: Similar to other airdropped tokens, Pi Coin experiences significant sell-offs after token release events, with a large portion of its user base, especially in regions like Africa and Asia, liquidating their holdings for cash, leading to increased supply pressure. High Circulating Supply: With over 6.9 billion tokens already circulating, the total supply cap is near 100 billion, significantly exceeding Bitcoin’s capped supply of 21 million. This massive volume makes reaching price expectations like $100 or even $1 highly improbable under current conditions. Limited Real-World Adoption: While Pi aims to be a widely used medium of exchange, real-world usage remains limited, with only a few businesses accepting it. This lack of widespread utility limits demand for the token.