Pi Network (PI) important signal: "anonymous" Whale bought 5.3 million Tokens, RSI bullish divergence offsets further fall.

Pi Network (PI) failed to follow the altcoin wave driven by Bitcoin's historic new high (BTC). Due to its depeg from the broader market recovery, the Pi price has declined, retesting key support levels, especially as the unlocking of Pi tokens and the increase in CEX balances added selling pressure. However, an "anonymous" Whale purchased 5.3 million tokens in the past three days, and the bullish divergence in RSI offset further decline.

The selling pressure of Pi Network continues to rise

The wallet balance of the Pi Network centralized exchange (CEX) refers to the amount of Pi coins deposited into the exchange, which may be set to a pending sale status. As selling pressure increases, the rise in CEX balances highlights the increase in deposits.

PiScan data shows that in the past 24 hours, the net increase of PI coins is 737,326, while the total amount of PI coins available on listed exchanges is 385,210,000.

Among them, the unlock amount of Pi in July is the largest since October 2027. Data shows that in the remaining time of July, 137.85 million Pi will be unlocked, almost on par with the 138.83 million Pi that will be unlocked in August.

With the increasing selling pressure, Pi Network may show a bearish dominance.

Large investors remain confident in Pi Network

Under the high pressure of market spending, a confident "Whale" bought 5.3 million Pi Tokens for $2.38 million over the past three days. Typically, large investors buy undervalued Tokens at a discount, anticipating a market reversal, while retail investors sell these Tokens.

Pi Coin Price Analysis

FXStreet analyst Vishal Dixit stated that Pi broke the Adam and Eve pattern on the 4-hour price chart last week, briefly rising below the psychological level of $0.50, before falling below that threshold. On Tuesday, the downtrend reached the support level of $0.446 (the last test was on July 6), and the lower shadow indicates that bulls are trying to prevent further declines.

If the closing price of the Pi coin 4-hour candle is below this level, it may extend the downward trend to the $0.400 integer level tested last on June 13.

The relative strength index (RSI) on the 4-hour chart is 34, which diverges from the price trend that fell to 23 on July 6.

Nevertheless, the Moving Average Convergence Divergence (MACD) and its signal line crossed below the zero line, indicating a bearish trend. The red histogram is rising, showing that the bearish momentum is strengthening.

To consolidate the bullish trend, the PI must reclaim the resistance level of $0.473 (the last test was at the start of this week). If it can effectively break through that resistance level, there is hope to continue the rebound momentum until the psychological barrier of $0.50.

(Source: Trading View)