- Open interest in Pi Coin futures tops $30 million.
- Token unlock leads to price pressures.
- Prices hit lows despite bullish divergence signs.
Pi Coin’s open interest has surpassed $30 million amid a price dip to $0.40, with a significant token unlock set for August impacting market dynamics.
The event highlights potential market volatility, indicating possible recovery driven by bullish positions despite prevailing oversupply and community concerns.
The Pi Coin market is reacting to a sharp rise in open interest amid a price decline. Analysts speculate on future moves as the market watches key indicators. Key leaders of Pi Network have remained silent on the recent volatility.
Pi Network saw its open interest in perpetuals exceed $30 million while prices plummeted. The increase in interest contrasts with executive silence from founders Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, providing an air of uncertainty within the community.
The spike in open interest amid the price drop indicates potential market volatility. However, the absence of official statements adds to the community’s unease. Analysts observe these movements as holders move coins off exchanges.
The forthcoming release of 162.8 million tokens is likely to impact prices significantly. Historical data suggest price declines following such large-scale unlocks, posing challenges for holders seeking stability and long-term growth.
Market data hints at a bullish divergence, yet the recovery is uncertain without official guidance. Exchange withdrawals suggest some confidence in future price stabilization, although the looming token unlock complicates predictions, as past events saw supply overpower demand.
Given the current trends in open interest and market sentiment, it’s feasible that Pi Coin could see a recovery if bullish positions begin to outweigh bearish sentiment.” — Anonymous Market Analyst, Crypto Prognosticator, CoinCodex
