TL;DR

PI faces increased selling pressure in the short term. However, optimism brews ahead of Pi2 Day (June 28), with analysts pointing to potential bullish catalysts and possible price targets ranging from $1.2 to $2.

It Might be a Bumpy Ride

The price of PI (the native token of Pi Network) currently trades at around $0.74, according to CoinGeckos data, representing a 37% decline over the past two weeks. Moreover, the major token unlocks set for the following weeks might intensify the pullback.

Data shows that over 276 million PI will be freed up in the next month, and May 28 (today) will be the record day with roughly 14 million tokens scheduled for release. This does not mean a sell-off is inevitable, but it opens the door wider for investors to cash out, which could drag prices down.

PI Unlocks, Source: piscan.io The X user Pi Barter Mall was among the industry participants warning about the incoming token unlocks, saying the PI waterfall will be released. They assumed that the assets valuation might experience a few dozen days of decline or sideways trading before rebounding around June 28.

The date is known across the Pi Network community as Pi2 Day. Numerically, it is represented as 6.28, which is derived from multiplying the symbolic mathematical constant Pi (3.14) by 2.

Its not just Pi Barter Mall looking ahead to that date. The user with the moniker Pi News shared the growing excitement, suggesting the Pi Network team may reveal a surprise then.

PI2DAY is just a month away, the excitement is full. $Pi will give you a surprise around that time. pic.twitter.com/fDPCiELmYl

Price Targets

Contrary to the recent price retreat, some market observers expect a significant resurgence in the short term. X user Crypto Claws claimed that PI is looking strong, suggesting the next big move is on the way. 

Rumors are circulating about the Pi team adding solid utility to the project, and if true, this could be the catalyst for a surge to $1.2-1.5 or higher, they said.

The analyst further added that the projects strong community backing and potential for increased adoption make the asset definitely one to watch in the coming weeks. 

MOON JEFF, who often touches upon the matter, also gave his two cents. Earlier this week, he argued that PI has begun forming a bullish divergence. The X user believes an ascent to $2 is possible, but under the right market conditions.