TL;DR

PI continues to struggle, with some analysts naming several reasons why its bull run could be over. Among the factors is the increased number of token unlocks.

$10 Isnt Happening

Despite the pullback witnessed over the past several hours, the cryptocurrency market has been booming in the last week or so. Bitcoin (BTC) reached a new all-time high of approximately $123,000, Ethereum (ETH) surged by 17% weekly to cross $3,000, while Ripple (XRP) briefly surpassed $3.

Nonetheless, Pi Networks PI did not follow the overall rally. It remains in red territory on a seven-day scale and currently trades at around $0.45 (per CoinGeckos data).

Its weak performance has drawn attention from some market observers who believe the assets bull run may be over. Recall that PI reached an ATH of roughly $3 towards the end of February, but since then, it has been on a steep decline. 

The X user pinetworkmembers supports the thesis that the token has no chance to post substantial gains during this bull cycle. 

I would be the first one who would like to see PI at $10, but that isnt happening this bull market, they predicted.

According to them, the coins price has hit lower lows on higher time frames, which shows weakness. The X user also noted that PI managed to rise only to $0.53 amid BTCs explosion and later retraced well below $0.50. 

The analyst believes the assets downtrend is the result of no presence of liquidity, increased amount of unlocks, low demand, low buy pressure, and a CT that keeps all the control in their hands instead of accepting the help from decentralized community devs.

It is worth noting that approximately 200 million PI tokens are scheduled for release over the next 30 days. The development doesnt guarantee a mass exit, but it will allow investors to offload assets they have been waiting for a long time. 

PI Token Unlocks, Source: Piscan.io Lastly, the X user assumed that some might see PIs downfall as the end, while others could interpret it as an opportunity to increase their exposure. 

The Flow to Exchanges

The amount of PI tokens stored on crypto exchanges continues to rise. The netflow for the past 24 hours stands at almost 500,000 new coins, bringing the total number to over 385 million. Gate.io leads the way on that front, with approximately 181 million tokens, followed by Bitget with 134 million.

Shifting from self-custody methods to centralized platforms is typically viewed as a bearish factor, as it increases the immediate selling pressure.

Meanwhile, if you want to find out why PIs price might be on the edge of a major move, feel free to check our dedicated article here.