Pi Network (PI) faces renewed pressure as 138.21 million PI tokens, valued at $37 million, are set to be unlocked in October.
The altcoin has been trading sideways since September 23 and now risks retesting its all-time low if demand continues to falter.
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PI Under Pressure as Sentiment Turns Bearish
October’s unlock comes at a time when investor confidence is already shaky. On-chain data shows PI’s weighted sentiment slipped below zero on September 24 and has remained under that line ever since. According to Santiment, this is at -0.63 at the time of writing.
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Weighted sentiment combines the volume of social mentions of an asset with the ratio of positive to negative commentary. It helps measure whether online discussions around a token are leaning more bullish or bearish.
When weighted sentiment is above zero, it indicates more positive comments and discussions about the cryptocurrency than negative ones, suggesting a favorable public perception.
On the other hand, a negative reading indicates more criticism than support, reflecting bearish sentiment.
With PI’s weighted sentiment holding firmly below zero for over a week, it highlights that sentiment among market participants has worsened and may trigger further price dips.
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Further, readings from the PI’s Super Trend Indicator support this bearish outlook. It con
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Author: Abiodun Oladokun
