PI token is facing selling pressure after a suspicious surge in micro wallet activity, potentially leading to wash trading schemes or dumping.
Pi Network’s native token PI PI $0.65 24h volatility: 3.0% Market cap: $4.48 B Vol. 24h: $151.08 M is currently trading near $0.61, having shed nearly 50% of its value in the past month. The token is 80% down from its yearly highs, with signs pointing to a potential deeper collapse.
This comes as pseudonymous crypto analyst Dr Altcoin recently claimed that crypto trading Banxa is enabling the creation of multiple accounts, each loaded with 0.98 PI — a suspiciously uniform balance.
#Banxa is creating many new accounts, each with a balance of 0.98 Pi. This could lead to price volatility soon. pic.twitter.com/Z4zxgp8Cgg
— Dr Altcoin (@Dr_Picoin) April 17, 2025
He warns that this could be the start of wash trading schemes or coordinated dumping, both of which are methods of artificially manipulating price trends. Notably, these micro wallets are likely being used to dodge detection rules by staying under key thresholds.
Meanwhile, whale wallets are accumulating PI, pulling 6 million tokens off exchanges in just 48 hours. This generally signals long-term confidence in the cryptocurrency, but in this case, many believe that this buying spree could be part of a potential pump and dump scheme.
This comes as a recent DappRadar report revealed despite a 66% year-on-year decrease in the number of crypto rug pulls compared to 2024, the intensity of each rug pull has been increasing.
PI Price Outlook
On the 4-hour PI price chart, the token recently broke down from a rising wedge, a classic bearish reversal pattern. Traders can expect a drop to $0.44–$0.45, about 25% below current levels.
PI breakdown from rising wedge | Source: TradingView
Meanwhile, RSI sits around 37.8, suggesting weak momentum and potential for more downside before entering oversold territory.
PI 4-hour price chart | Source: TradingView
Bollinger Bands are also narrowing, with the price hugging the lower band — often a sign of a pending breakout. A move above the middle band (20-day Simple Moving Average) at $0.63 could result in a rally toward $0.70–$0.80 resistance.
PI’s ongoing token unlocks further adds to investors’ worries. Daily unlocks of 5 to 6 million tokens are scheduled throughout the month — a major supply-side pressure, especially if demand lags. Notably, a price breakdown below $0.56 could lead PI to retest $0.50.
Despite several bearish signals, popular crypto analyst Moon Jeff believes PI could surge to $5. “If you have already sold you might be running out of time to buy back,” he said in a recent post on X.
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