- Pi Coin dropped 2.94% to $0.354, but technical patterns suggest potential recovery to $0.58 range.
- A mysterious whale bought over 350 million Pi Coins worth $125 million and continues accumulating tokens.
- August will release 155 million locked tokens, but whale buying may offset the selling pressure.
Pi Coin trades at $0.354 on Monday, August 4, marking a 2.94% decline over the past 24 hours. The cryptocurrency reached its lowest point at $0.32 on Friday before showing signs of potential reversal.
Technical analysis reveals expanding Bollinger bands following the recent price drop. This pattern mirrors similar movements observed in May when Pi Network experienced significant upward momentum.
Bollinger Band Expansion Signals Potential Rally
During May’s second week, Pi Coin’s Bollinger bands expanded before the price surged by over 65%. The cryptocurrency moved from $0.58 to $1.67 within five days following this technical development.
Current market conditions show similar Bollinger band expansion after Pi Coin hit its Friday low. The divergence between upper and lower bands suggests increased volatility ahead.
If Pi Network replicates May’s 65% rally, the price could reach $0.584. However, analysts point to the 61.8% Fibonacci retracement level at $0.58 as a more realistic target.
The Relative Strength Index indicates oversold conditions, suggesting limited selling pressure remains. This technical setup supports potential price stabilization around current levels before any recovery attempt.
Massive Whale Accumulation Supports Long-Term Outlook
One significant whale has accumulated over 350 million Pi Coins, worth approximately $125 million at current prices. This wallet represents the largest non-Pi Foundation holding according to blockchain data.
The whale continues purchasing tokens from centralized exchange markets despite recent price weakness. Dr. Altcoin, a Pi Network advocate, notes this accumulation pattern demonstrates long-term conviction in the project.
Pi Network recently reduced mining rates to their lowest levels, a move designed to boost investor confidence and reduce token supply pressure.
The substantial whale activity could offset upcoming token unlocks scheduled for August. More than 155 million PI tokens will transition from locked to circulating status.
Short-term Pi Coin price movements face headwinds from the August token unlocks. However, continued whale accumulation may absorb selling pressure from newly released tokens.
If current support levels hold, technical indicators support potential recovery toward the $0.53-$0.58 range. The expanding Bollinger bands suggest increased price volatility in both directions.
Long-term Pi Network price predictions beyond 2026 remain optimistic among supporters, though short-term movements depend on market reaction to token unlocks and overall cryptocurrency sentiment.
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