Pi Network’s PI token jumps 15% to a three-week high, reclaiming $1 billion market cap as August’s 128 million token unlock looms.
Pi Network’s native token surged past a key resistance level this week, delivering one of the sharpest single-day moves in the broader crypto market even as Bitcoin held steady near $65,000. The rally pushed PI to a multi-week high and restored its market capitalization above the $1 billion threshold, a level the token has struggled to hold in recent months.
PI Breaks Out After Weeks of Weakness
The move marks a sharp reversal for one of crypto’s more volatile assets. Less than a month ago, PI plummeted to a new all-time low of just over $0.07 after breaking below successive support levels at $0.10, $0.09, and $0.08, a slide that coincided with deteriorating sentiment across the broader crypto market. Neither product updates nor ecosystem initiatives from the Pi Network team were enough to halt the decline at the time.
Buyers eventually stepped in near $0.07, driving a rebound to $0.10 within a week, but that recovery proved short-lived. PI was rejected at resistance and slid back below $0.075 by month’s end. A second rebound carried the token above $0.08 in late July and early August, where it stabilized for several days before this week’s breakout. In the past 24 hours, PI jumped from $0.083 to a three-week peak of $0.096, a gain of roughly 15% at its intraday high. The token has since pulled back slightly but remains above $0.09.
Can the Rally Hold, or Will History Repeat?
Pi Network’s price history offers reason for caution. Nearly every prior breakout attempt has met strong resistance, followed by another leg lower, and the token’s supply schedule adds a new variable to that pattern. Data from PiScan shows monthly token unlocks have been accelerating steadily: fewer than 77 million PI tokens were released in June, followed by 103.7 million in July. That figure climbs further in the months ahead, with 128 million PI tokens scheduled for unlock in August and another 132.7 million set for September.
That steady increase in circulating supply could work against the current rally. Investors who have held locked tokens for extended periods may choose to sell once they become available, adding fresh selling pressure at a moment when the token is attempting to establish new support. Whether PI’s latest breakout marks a genuine trend reversal or another temporary spike will likely depend on how the market absorbs this growing wave of unlocked supply over the next two months.