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Pi Network is facing its largest token unlock of December, with 8.7 million PI tokens worth approximately $1.76 million scheduled for release on Christmas Day, according to blockchain analytics platform PiScan.
The impending supply increase comes as PI trades at $0.203, down 27% from its November high of $0.279, with technical indicators flashing bearish signals ahead of the unlock event.
After rallying to a November peak of $0.279, Pi Network slumped 31% to an annual low of $0.192 last week. Although dip buyers briefly pushed the price to $0.214 over the weekend, momentum quickly faded.
By Tuesday afternoon, PI had slipped back to around $0.203 as investors adopted a cautious stance ahead of U.S. initial jobless claims data and the scheduled token release.
Investor sentiment has been further dampened by data from PiScan showing an 8.7 million Pi token unlock scheduled for Dec. 25 valued at roughly $1.76 million.
This marks the largest Pi token unlock event for December. In total, nearly 54.7 million tokens worth about $11.07 million are expected to be released this month amplifying concerns over sustained supply pressure.
Historically, a large Pi token unlock reduces scarcity and can weigh heavily on price action especially when market demand is insufficient to absorb the additional supply. As a result, traders often brace for heightened volatility around each Pi token unlock particularly during periods of weak momentum.
Notably, this latest Pi token unlock arrives just one week after the Pi core development team announced initiatives aimed at strengthening its DeFi infrastructure and expanding real world utility.
If these upgrades succeed in driving ecosystem engagement, they could help offset some of the selling pressure linked to the Pi token unlock and stabilize price action over time.
Technical indicators however, suggest caution remains warranted. On the daily chart, PI has formed a classic double top pattern since late October with peaks near $0.285 and a neckline support zone between $0.192 and $0.196.
This bearish reversal setup often precedes deeper declines particularly when reinforced by supply shocks such as a Pi token unlock.
Momentum indicators also lean bearish. The Super trend indicator has flipped red positioning above the price and signaling renewed bearish control. Meanwhile, the MACD has failed to break above the zero line hinting at further consolidation or downside risk as the market digests the Pi token unlock.
If PI decisively loses the neckline support, the pattern projects a potential drop toward $0.153 nearly 24% below current levels an outcome that could be accelerated by post Pi token unlock selling.
Conversely, a strong bounce from the neckline zone could invalidate the bearish setup and open the door to a short term recovery even as traders continue to monitor the broader impact of the Pi token unlock.
