Pi Coin is trading at $0.63, recording a 2 percent decline in the last 24 hours. Since peaking in February, the token has been stuck in a tight range and has failed to reclaim its previous highs.
Pi Coin has struggled to break past the key $0.70 resistance level despite repeated attempts. Each rejection has reinforced the upper boundary of the current sideways trend.
Adding pressure to the market, millions of tokens continue to unlock daily. On April 22, an additional 4.9 million Pi tokens will be released into circulation.
This growing supply has weighed on the token’s momentum, limiting the chances of a clean breakout. However, significant whale activity in recent days has shifted the focus away from the price decline.
Also Read: Pi Coin Surges to $0.6490—But a 7.8M Token Unlock Could Trigger a Crash!
Whale Accumulates $48M Worth of Pi Coin Amid Weak Market Momentum
On-chain data reveals that a large whale recently moved $7.5 million worth of Pi Coin, valued at $4.82 million, from OKX to a private wallet. This follows a pattern of similar high-value transactions over the past week.
A single wallet possesses more than $48 million worth of Pi Coin today. The estimated current market value of the wallet holdings exceeds $31 million.
A vital investor took a long-term position by making these cryptocurrency transfers. The asset transfer has attracted fresh market interest despite declining retail adoption.
Large whale activities during the market historically indicate future major shifts in market direction. Increased exchange transfers of large amounts point to reduced selling activity and potential price growth conditions.
If Pi Coin succeeds in breaking through this resistance barrier, it could climb beyond $0.70 and reach $0.80. The continuous growth of token quantity could develop enough momentum to push prices upward.
Despite other factors, the effects of ongoing token unlock must be considered. The climbing supply levels have the potential to delay price increases during this specific period.
Conclusion
Although Pi Coin remains in a sideways range, whale accumulation of over $48 million has added a new layer of speculation. If resistance breaks and supply pressure eases, a breakout could follow.
Also Read: Pi Coin Crash Incoming? Experts Warn of 50% Drop as Supply Skyrockets.
