- Pi Coin rallied by 17% yesterday, becoming the most-searched crypto ahead of the Pi2Day event on June 28.
- Whale activity spikes as one wallet buys $173M in Pi, with price facing resistance at $0.6576 and support at $0.5521.
- Over 268M PI tokens set to unlock in July could impact short-term momentum despite ecosystem and AI integration updates.
Pi Coin had a sharp 17% surge on Wednesday, gaining strong momentum ahead of the much-anticipated Pi2Day event on June 28. The digital asset has emerged as the most-searched cryptocurrency on CoinMarketCap, outperforming Bitcoin and Ethereum within a 24-hour window.
While BTC and ETH reached fresh weekly highs of $107,396 and $2,459 respectively, Pi moved faster, hitting a daily high of $0.5856. The rally coincided with a broader market rebound following the Israel-Iran ceasefire announcement by Donald Trump earlier this week. This surge now raises questions about Pi’s short-term sustainability and upside potential.
Buying Pressure Grows Ahead of Pi2Day Event
Interest in Pi has grown steadily with just days remaining before Pi2Day. Search trends confirm a spike in user activity around the term “Pi2Day.” The significance of the date, 06.28, aligns with the platform’s symbolic branding and community sentiment.
Yesterday, trading volume surged by 153% to $285.65 million, pushing Pi to rank 1 in trending digital assets and 27 in overall market cap, according to Kim H. Wong. Despite the price jump, Pi faced rejection from the upper Bollinger Band at $0.6576.
The asset now trades near the middle band at $0.5630, which indicates possible consolidation. Meanwhile, the Accumulation/Distribution (A/D) line is negative at -407.66M, suggesting that strong accumulation has yet to take place.
Whale Activity and Resistance Levels
The rally has been partly fueled by whale activity, with one wallet acquiring over $173 million worth of Pi. If bulls manage to push past the $0.6576 resistance level, the next zone to watch is between $0.70 and $0.75.
Key support holds at $0.5521, just above the lower Bollinger Band at $0.4684. The presence of a lower shadow near $0.5521 suggests buying interest on dips. However, analysts warn that failure to hold above $0.55 may lead to a deeper correction toward $0.50 or lower.
Token Unlock Pressure May Test Bullish Momentum
Upcoming developments on Pi2Day may include announcements around the Core Team’s generative AI integration and ecosystem growth. Additionally, the launch of KYC Sync is expected, easing ID verification across the Pi App and Browser.
Analyst Joe Swanson noted that the breakout aligns with expectations of a longer rally. Still, a major concern looms, over 268 million PI tokens are set to unlock in July. According to Dr. Altcoin, although downside risk remains limited, the unlock could suppress momentum in the short term. He anticipates renewed upside from late August as the unlock pressure fades.
Overall, Pi Coin’s current movement shows strong short-term interest driven by Pi2Day hype, whale participation, and broader market support. However, resistance near $0.65 and pending token unlocks remain as key hurdles.
