Pi Network's PI token surged 15% to a three-week high of $0.096 on Thursday, pushing its market cap back above $1 billion. The move comes after a brutal sell-off that saw PI hit an all-time low of just over $0.07 less than a month ago.
The path to $0.096
PI had been in a steady decline, breaking below key support levels at $0.10, $0.09, and $0.08 before hitting that low. It rebounded to $0.10 within a week but was quickly rejected and fell back below $0.075. The token stabilized above $0.08 in late July and early August, and as of press time it sits above $0.09.
The broader crypto market helped. Bitcoin is nearing $65,000, and most major coins charted minor gains over the past day. That tailwind gave PI room to recover, but the token's own fundamentals remain a question mark.
Unlock schedule raises concerns
Data from PiScan shows a steadily increasing token unlock schedule. June saw 77 million PI unlocked. That jumped to 103.7 million in July. August is set for 128 million, and September will hit 132.7 million. Each month brings more tokens into circulation, and that could add significant selling pressure.
If demand doesn't keep pace, the unlocks could halt PI's price recovery — or reverse it. The token's recent bounce is encouraging for holders, but the supply side is stacking up against them.
The next test for PI is whether it can hold above $0.09 as August's 128 million token unlock approaches. If selling pressure picks up, the recent gains could evaporate quickly. For now, the market is giving PI a second chance — but the clock is ticking on the unlock schedule.
