The Pi crypto value price has crashed for two consecutive months and is hovering near its all-time low of $0.3983.
Summary
- Pi Network price has plunged in the last two straight months.
- The network will unlock millions of tokens in August.
- Technicals suggest that the token will jump during the month.
Pi Network (PI) was trading at $0.4185 on Wednesday, July 30, down by over 86% from its all-time high.
Pi Network to unlock 160 million tokens
The Pi crypto value has been in a free fall in the past few months as the mainnet launch momentum faded. It also plunged as millions of tokens came online through its daily unlocks.
PiScan data shows that the unlocks will continue in August. Approximately 160 million tokens, worth over $67 million, will come online. Pi will also unlock 1.27 million tokens worth $2.5 billion in the next twelve months.
Token unlocks are usually bearish because they increase the supply, pressuring the price.
Pi Network price reacted mildly to some major announcements in July. For example, the developers announced Pi AI Studio, which enables anyone to build AI agents without requiring coding. Users have now developed thousands of AI tools on the platform.
The team also launched staking, which enables users to allocate tokens to their preferred applications and promote them. Millions of Pi tokens have been allocated towards this staking.
Looking ahead, the potential catalyst for the Pi crypto value in August will be a tier-1 exchange listing. This is notable because no mainstream exchange has listed it five months after the mainnet launch.
Pi crypto value price technical analysis
Technicals suggest that the Pi Network price may surge in August. It has formed a giant double-bottom pattern at $0.3983 and a neckline at $1.6640, its highest point in May.
The MACD indicator has formed a bullish divergence pattern and is about to cross above zero. A bullis divergence is one of the most common bullish patterns in technical analysis.
Pi Network has also formed a falling wedge pattern, a popular reversal sign. Therefore, the token will likely have a strong bullish breakout, with the next point to watch being at $1. A move above that level will point to more gains to the resistance at $1.6640.
