- PI coin price drops 2% as exchange balances and July unlocks increase selling pressure.
- Whale bought $2.38 million worth of PI, signaling confidence despite market weakness.
Pi Network price outlook took a hit on Tuesday as the coin dropped 2% and moved closer to a key support level. The fall comes as more PI coins are being unlocked and sent to exchanges. Still, a major investor just bought millions worth of PI, showing some investors are not backing down just yet.
Exchange Supply Increases as PI Falls to Key Support
The Pi Network price outlook weakened as PI slid below the $0.50 mark and moved back to test a support level around $0.446. This level was last touched on July 6. The drop stands out because it comes while Bitcoin and other major altcoins are consolidating. It indicates that PI Coin is not following the general market trend at present.
It is worth noting that a greater number of coins are now held on exchanges. This usually means people are getting ready to sell. Over the past 24 hours, PiScan data indicates that more than 737,000 PI have been added to exchange wallets. The total balance now stands at over 385 million PI. When supply on exchanges rises this much, it often leads to more price pressure.
Adding to this is the large token unlock happening in July. According to data, 137.85 million PI coins are set to be unlocked this month. That number is almost the same as August’s unlock of 138.83 million. These unlocks mean more tokens will be available to trade or sell in the open market.
On the chart, PI had recently broken out using an Adam and Eve pattern but could not hold above $0.500. If the price closes below $0.446 on the 4-hour chart, the next stop could be around $0.400, a level last seen on June 13. As of writing, PI coin was changing hands for $0.4433, down 4.4% in 24 hours.
The RSI reading of 34 indicates some signs of strength compared to the earlier low of 23, but overall momentum still appears weak. The MACD also shows a bearish trend with red bars rising.
Beyond the price outlook, as noted in our previous article, Pi Network has expanded its list of KYB-verified businesses to eight with the addition of Onramper and Onramp.money.
Large Buyer Steps In Despite Market Pressure
Despite growing pressure, a large investor has purchased 5.30 million PI coins, worth approximately $2.38 million, over the last three days. This move suggests some are seeing value in the current dip. Big buyers often look for price levels they think are cheap before a rebound.
As noted earlier, analysts predicted that Pi coin could experience a significant price breakout after being listed on the Binance exchange. Nevertheless, the coin is yet to be listed on Binance.
While retail traders may be worried, this kind of buying stands out. For a price bounce, PI will need to climb back above $0.473. That would open the way to $ 0.50 again. Until then, the market is waiting to see if the current support can hold.
