Pi Network's native token, PI, fell over 3% today, trading at $0.4908 and losing its $0.50 support level. The decline comes ahead of a significant token unlock on July 4, where 19.2 million PI tokens will be released—the largest single unlock event this month.
Technical indicators show PI approaching oversold conditions with an RSI of 36, potentially signaling a buying opportunity. However, the broader crypto market weakness and rising stablecoin popularity are creating headwinds for PI's adoption. Analysts note that stablecoins' price stability and regulatory compliance pose challenges for PI's growth.
The Pi Core Team, which holds 90% of total PI tokens, may intervene to prevent prices from falling below $0.40, a critical psychological level. Meanwhile, PI's mobile-first mining model and 65 million user base remain key strengths.