The sellers are about to exhaust - Pi Network set to rise 60-150%?

After a breakout of 190% in May, Pi Network (PI) quickly entered a deep correction phase, as a wave of take profit drove the price down from 1.67 USD to only 0.4 USD, equivalent to a loss of over 75% in value.

Nevertheless, 0.4 USD is still playing the role of an important “shield”, having repeatedly halted the downward trend during the crashes in April and June. Will this support zone be strong enough to pave the way for a new recovery wave in August?

Are the bears running out of steam?

PI 1-Day Price Chart | Source: TradingViewOn the daily chart, the SuperTrend signal has remained in the “sell” position for the past two months, reflecting that the downward pressure has not eased. However, the RSI indicator has approached the oversold zone, hinting that the selling side may be running out of steam.

In the scenario of a strong bounce, the immediate recovery target is at 0.67 USD, and further at 1 USD – coinciding with the 50% Fibonacci level, corresponding to a potential increase of 60% – 150% if the reversal momentum is confirmed.

Conversely, breaking through the 0.4 USD mark will pave the way for increased selling pressure, pulling the PI down to the 0.09 USD region and overshadowing short-term recovery expectations.

The mood remains gloomy

Since the peak in May, the volume of discussions about Pi on social media and the level of interest from the market have continuously declined. The attempt to break the downtrend in mid-July was unsuccessful, preventing this coin from generating a new price surge.

According to data from Santiment, market sentiment towards Pi Network over the past two months has been predominantly negative, reflecting investors’ caution and reluctance.

Source: SantimentIn the derivatives market, data from Coinalyze also shows that the open contract (OI) has plummeted from nearly 17 million USD to below 12 million USD since the end of May. At the same time, the funding rate remains low, indicating that the demand for leveraged trading with Pi is in a weak state.

Source: Coinalyze## The pressure of token unlocking has eased.

Another noteworthy point is the token unlock schedule of Pi. In June, on the 28th and 29th, over 10 million Pi tokens were recorded to be circulating each day – the highest inflation rate in many months.

However, by the last two days of July, the amount unlocked had decreased to only 7.3 million tokens, and it is expected that in August this number will continue to drop sharply below 5 million tokens per day, according to data from PiScan Explorer.

This is seen as a positive signal, as the reduced supply pressure may contribute to stabilizing prices and creating room for a recovery in the near future.

Source: Piscan## Trust from the Pioneer community and expectations for listing

Despite having lost more than 84% of its value compared to the historical peak of 2.99 USD, the Pioneer community still holds hope for a strong recovery, especially thanks to rumors related to the potential listing of Pi on Binance.

Notably, some wallets believed to be linked to the major exchange have been actively accumulating a large amount of Pi, raising expectations for significant advancements in the roadmap to list Pi on the exchange.

Currently, 0.4 USD is still the critical support level for the Pi Network. Although selling pressure has eased and the rate of token unlocking has slowed, helping to reduce market tension, the prospect of sustainable recovery still heavily depends on investor sentiment and information related to listings.

If it holds this support and breaks through the short-term resistance levels, Pi could definitely aim for the target of 0.67 USD and further, 1 USD in the medium term.

Annie