Pi Network Price Prediction for July as 76 Million Unlocks Loom

Key Insights

• Pi Network price will come under pressure as it unlocks 76 million tokens.
• These unlocks come at a time when demand has waned.
• Technicals suggest that the Pi Coin price has more downside to go.

Pi Network price extended its decline throughout June as investor demand continued to weaken. The token fell to a record low, wiping billions of dollars from its market value since the mainnet launch. July now presents another challenge as scheduled token unlocks increase supply while trading activity remains subdued.

Pi Network Rolled Out New Ecosystem Features

Pi token retreated sharply this month, even after the developers made some major developments. One of the most important ones was the conclusion of the fifth version of its upgrade. It has been doing these upgrades since late last year, with the final stage set to happen this month.

The upgrades introduce notable changes to the network, including making it quantum-resistant and enabling smart contracts. These smart contracts will be important as the developers work to launch their own DEX network and their tokens. They will also enable creators to build applications such as those in decentralized finance (DeFi) and stablecoins.

Most recently, the developers launched three key products during Pi Day 2: SoloHost, Pi Sign-In, and PiVerify. SoloHost is a crucial product that enables developers to build and list apps that help to run local AI. Users will be able to run these apps on their own computers.

Pi Sign-In is a solution that enables pioneers to use their Pi account to sign in to third-party applications and websites. Most importantly, they launched PiVerify, which makes human verification possible. This product will leverage Pi’s KYC solution track record to provide the service, competing with World ID and Humanity Protocol.

These new services are important because they will boost its utility in the long term. For one, its KYC solution will be paid for with Pi tokens and will help the network improve its AI credentials.

Pi Token Unlocks and Demand Weakness

Looking ahead, the developers will continue implementing its upgrades in July this year. In this case, they will implement version 26 of the network upgrade, which will make it more secure and developer-friendly. For example, developers will be able to temporarily freeze compromised ledger entries during security incidents.

The network upgrade will be offset by the upcoming token unlocks, which will increase its supply at a time when demand has waned. Data shows that the network will unlock over 76 million tokens in July. At the current price, these tokens are worth over $8.5 million. Token unlocks normally affect an asset’s price by boosting the supply.

These unlocks come at a time when the daily volume has thinned. Its 24-hour volume stands at $17 million, a tiny amount for a crypto project with a market capitalization of over $1.2 billion.

Pi Network will also react to the general performance of the crypto market during the month. If Bitcoin and other altcoins rebound, investors are likely to buy the dip.

Pi Coin Price Technical Analysis

The daily chart shows that the Pi Network price has been in a strong freefall in the past few months. It dropped to a low of $0.1122 this week, its lowest level on record, and over 95% from its all-time high.

Pi has fallen below the $0.1290 support level, its lowest level in February this year. It has slumped below the 50-day and 100-day moving averages. At the same time, the Average Directional Index (ADX) remains at 28, a sign that the downward trend is gaining momentum.

Therefore, the token will likely continue falling as some of its investors sell and as demand remains weak. If this happens, the next level to watch will be the psychological $0.10 level.

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