After plunging over 70% from its May high, Pi Network’s price is finally showing some signs of life. A bullish RSI divergence on the daily chart hints that the relentless downtrend might be losing steam, raising hopes for a potential reversal.
The token had surged to $1.67 in May but has been caught in a steep downtrend ever since, consistently forming lower highs and lower lows. Over the past two months, PI has bled out more than 70% of its value, recently finding some footing around the $0.45 mark.
Yet despite the gloom, technical signals suggest things could be turning around. While the price printed fresh lows in late June and early July, the Relative Strength Index (RSI) has started forming higher lows. This kind of bullish divergence often signals weakening bearish momentum and can precede trend reversals or at least short-term relief rallies.
At the moment, PI is trading near $0.4575, hovering around new support at $0.45 after its breakdown from the previous $0.50–$0.52 range. Should the bullish divergence play out, the $0.50–$0.52 zone will be the first major resistance to watch. This area could see selling pressure from traders stuck in long positions from the last breakdown. If buyers manage to push through, PI could aim for a rebound toward $0.65, matching the spike it saw on June 25.
However, headwinds remain. One of the biggest concerns is the ongoing wave of token unlocks. Data from PiScan shows that roughly 219 million PI are set to be unlocked during July alone, with 19.2 million tokens already released into circulation on July 4. This release represents about 4% of the current circulating supply, and such a large influx of tokens could put additional sell pressure on the price.
While early technical signals hint at a possible turnaround for Pi Network, investors should remain cautious. The sheer scale of upcoming token unlocks could weigh heavily on any recovery rally.
