TL;DR

PI hit a new record in exchange balances, a potentially bearish signal that reflects increased immediate selling pressure. However, optimism is growing, with some analysts envisioning a price jump to $1 and even $4.

The New Peak

Pi Networks PI has finally shown some resurgence in the past 24 hours, with its valuation soaring by 7% to the current $0.48 (per CoinGeckos data). However, it is not the assets price that took center stage today (July 22).

Latest data shows that the total number of PI tokens stored on cryptocurrency exchanges has hit a new all-time high of over 400 million. Gate.io leads the way with 191.1 million, followed by Bitget with approximately 138.3 million.

This development is actually bearish and signals that the price may head south due to the increased immediate selling pressure. 

The unlocks scheduled for the following weeks can also be interpreted as bad news for the bulls. Over 180 million tokens are scheduled for release in the next 30 days, with July 28 and July 29 being the record days.

PI Token Unlocks, Source: piscan.io While it may not trigger a widespread sell-off, the move gives investors the opportunity to finally offload assets theyve been waiting for a long time. 

The Rally to $1?

PI might be down over 80% from its all-time high of approximately $3, but its revival in the last 24 hours has reignited optimism among its supporters, fueling fresh optimistic predictions. X user MOON JEFF thinks the asset is trying to reclaim its glory, assuming that the rally to $1 might have started.

$PI is now trying to reclaim its glory. .

Many ALTs have been pumping but it has been left behind.

The rally to one dollar might have just started. #PiNetwork . pic.twitter.com/z2ddUr4h5y

Another analyst noted that PIs latest pump comes shortly after Pi Networks team revealed the advancements of some of its features. Just a few days ago, the developers disclosed that more than 7,600 chatbot applications and 14,100 custom apps have been created and published by pioneers since the launch of Pi App Studio.

Whale.Guru an X user with almost 400,000 followers is among the biggest optimists. Last week, the analyst envisioned a price explosion to $4, admitting they have turned from a PI hater to a proponent.