TL;DR

Pi Network (PI) jumped in the past 24 hours, and here are some of the latest predictions about its future price performance.

Heavy token unlocks may have weighed on PI’s price in recent weeks, but the pace is set to slow after mid-May, potentially easing selling pressure.

PI on the Move

After several days of downward trading, Pi Network (PI) finally managed to chart some gains in the past day. Its price has spiked by 6.5% in the past 24 hours, currently trading at around $0.61 (per CoinGeckos data). In fact, PI has outperformed leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), which are also in the green on a daily scale but have recorded less substantial increases. 

PI Price, Source: CoinGecko Somewhat expected, the resurgence has infused enthusiasm across the Pi Network community, with some members envisioning a further jump in the short term. One X user noted that PI has been consolidating in the $0.50-$0.70 range lately, labeling it as a good accumulation zone. That said, they believe its now time for a pump, setting a target of $5.

MOON JEFF, who often touches upon the matter, shared a similar thesis. He described the tokens chart as bullish, claiming someone is buying hard. 

Additionally, Pi News (an X account dedicated to presenting news involving Pi Network) suggested that PI can go beyond your imagination anytime. The theory is based on the assumption that anything is possible in the cryptocurrency sector, citing the recent price explosion of ALPACA, which soared by over 2,000% within a week before it crashed just as fast.

Unlocks to Cool Down

Over the past several weeks, there has been a major unlock of PI tokens. The record day was April 30, when over 11 million coins were freed up. These developments could have been among the reasons suppressing PIs price at a time when BTC and many leading altcoins were charting significant rallies. After all, this gave some investors the opportunity to sell tokens theyve been waiting for a long time. 

It is important to note that the unlocks will remain relatively high in the short term, but there will be an evident slowdown after that. The last day when more than 10 million tokens are scheduled for release is May 8, while by the end of the month, the number is expected to drop below 6 million. 

Meanwhile, the current circulating supply of PI is just south of 7 billion, and over 70% of that amount remains in the form of locked mining rewards.