TL;DR

Analysts predict a short-term PI price surge, with targets above $2. Upcoming token unlocks, though, may set the stage for another correction.

The Bullish Forecasts

Pi Networks native token PI saw the light of day on February 20 when the project finally launched its Open Network. The asset has experienced severe volatility since then, with its price reaching an all-time high of almost $3 more than a month ago and later heading south to as low as $0.68 on March 31. 

Despite its turbulence and evident downtrend as of late, numerous analysts continue to envision a bull run in the short term. The X user Crypto King predicted a potential 2-2.5x price increase to around $2 once the market volume returns. 

MOON JEFF an analyst who often talks about Pi Network shared Coincodexs forecast that PI could soar to $2.73 by the end of this month. The crypto tracking platform also set a massive target of $27 by 2050.

Several days ago, MOON JEFF assumed that PI could plummet to $0.60, describing it as the only support left. Nonetheless, the market observer expects a huge resurgence to a new all-time high of $5 should this bottom be reached.

As mentioned above, PI did not tank that low, and in fact, it rebounded to as high as $0.75 several hours ago. Currently, it trades at roughly $0.72 (per CoinGeckos data), representing a 1% increase on a daily scale.

PI Price, Source: CoinGecko

Further Correction Based on This?

PI is designed to have a maximum supply of 100 billion tokens.

Currently, its circulating supply stands at less than 6.8 billion, which means that over 90% of the designated supply is yet to be distributed. Most naturally, some of the analysts have taken this into account and forecasted downward pressure on the price in the coming days.

For instance, Whale.Guru revealed that over 121 million PI tokens will be unlocked in the next 30 days. 

Moreover, data from the Pi Network block explorer breaks down the distribution of migrated mining rewards, which is the de-facto current supply available on the network, as well as the balance of locked and unlocked mining rewards within this supply.

The former stands at around 5 billion, while the latter is at 1.7 billion, meaning that the lions share of tokens is still locked, begging the question what will happen when it frees up.