Pi Network's PI token jumped as much as 15% in a day, tapping a three-week high of $0.096 before easing back, and pushed its market cap above the $1 billion mark again. The move comes weeks after PI hit a fresh all-time low just over $0.07, and rising token unlocks through August and September could test whether this bounce holds.
Pi Network's PI token climbed from $0.083 to a three-week peak of $0.096, a 15% swing at its high point, while most of the rest of the crypto market logged only modest gains. It broke above a resistance level that now looks close to turning into support, a level that had capped it on earlier attempts.
The token was rejected just under $0.096 but still traded above $0.09 as of press time. Its market cap climbed back above $1 billion, while the rest of the market charted minor gains, with bitcoin nearing $65,000.
A Volatile Few Weeks
PI has been one of the more volatile altcoins lately. Less than a month ago it plummeted to a fresh all-time low of just over $0.07 after breaking below support at $0.10, $0.09, and then $0.08, as broader market sentiment deteriorated and investors left en masse.
At the time, none of the team's updates, redesigns, or initiatives appeared to stop the slide. PI eventually found support at $0.07, and buyers pushed it back to $0.10 within less than a week. That bounce proved short-lived too: PI was rejected almost immediately and slumped back below $0.075 by the end of the month, before recovering above $0.08 in late July and early August and holding there for several days.
Rising Token Unlocks Cloud the Outlook
Whether this latest rally holds may come down to supply. Data from PiScan shows August's token unlock is larger than June's and July's: fewer than 77 million PI were released in June, followed by 103.7 million in July. Another 128 million PI is scheduled to unlock in August, and 132.7 million in September.
That growing supply could add selling pressure from holders who have been waiting to cash out, and could halt PI's recovery if they choose to sell en masse.
Source: CryptoPotato
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