- The unlocking of more than $138.252 million worth of Pi Network tokens over the next 30 days could pressure Pi’s price.
- Whales have withdrawn 41 million PI from exchanges, signaling accumulation and a potential recovery.
- Analysts predict a $5 price target, contingent on market growth and ecosystem development.
The Pi Network token has struggled recently. Its price has fallen about 80% from its all-time high to roughly $0.63.
Pi is finding it hard to build momentum amid daily token unlocks. Despite the significant downward pressure coming from these unlocks, some analysts have made bold price forecasts for Pi, with at least one predicting the token could rise to an impressive $5.
🎉 $Pi to $5 journey just began. $PI has a very strong support at $0.6.
$5 is a very possible valuation.
Good utilities will push it up. #PiNetwork pic.twitter.com/qL7NjoHuvJ— Pi Network News (@PiMigrate) April 20, 2025
Why a $5 price target for Pi Network could be realistic
At present, Pi trades around $0.63 with firm support near $0.60. Some market observers see that support as a launching pad for a move to higher valuations.
Technical analysis shows a potential double-bottom pattern with a neckline near $0.7857, indicating the possibility of a breakout. Price projection models have suggested a rise to $1.83 by May 2025, which would represent about a 190% increase from current levels.
Fueling optimism further, Nicolas Kokkalis, co-founder of Pi Network, is slated to speak at Consensus 2025, a major crypto conference, which could boost the project’s credibility amid recent Pi-related developments.
Notably, Kokkalis’ appearance at Consensus 2025, alongside other high-profile figures, coincides with the unlocking of 5.6 million tokens—an event that could either apply downward pressure or be absorbed by growing demand, depending on market dynamics.
At the same time, whale activity in Pi has attracted attention: one investor reportedly withdrew 7.5 million PI—worth about $4.82 million—from OKX and moved it to a Pi wallet. This withdrawal is part of a larger accumulation that totals roughly 48 million PI, now valued at around $31 million.
🚨BREAKING🚨#PiNetwork Update:
Another 7.5M $PI just bought from #OKX and transferred to #PiWallet!
In the past few days alone, this whale has scooped up 48M+ $PI, valued at a staggering $31,000,000!
CEX supply is dropping fast — the squeeze is real! pic.twitter.com/t9bEe9Pqyl
— Pi News (@PiNewsMedia) April 21, 2025
From a broader perspective, whales have withdrawn roughly 41 million Pi tokens from exchanges, indicating a large-scale accumulation. Such accumulation can be interpreted as a sign of confidence in Pi’s future value and could presage price gains as these investors position themselves ahead of key milestones.
Analysts also point to several factors that could support a recovery: an improving crypto market, clearer tokenomics for Pi, listings on top exchanges, and broader ecosystem growth. Each of these elements would be important for realizing bullish price scenarios.
Listings on major exchanges could ignite investor interest and help Pi clear the stubborn $0.70 resistance that it has repeatedly failed to break. Broader utility—such as applications or services that accept PI—would also strengthen the token’s use case and long-term value.
Factors that could limit Pi Network’s rise
Planned unlocks create dilution risk: 219,065,154.07 tokens are scheduled to unlock over the next 30 days and more than 1.5 billion over the next year, raising valid concerns about supply pressure. 
To add to the concern, insiders control 35 billion PI while 65 billion are allocated to the community—an allocation framework that could influence price dynamics.
Pi has also faced operational challenges in launching its open mainnet, as users have had difficulty migrating to the mainnet. Limited exchange presence has kept market capitalization around $4.3 billion and left the price in a holding pattern.
Still, the team unveiled a comprehensive tokenomics plan with a total supply of 100 billion tokens: 65% allocated for community mining rewards, 10% to the foundation, 5% for liquidity, and 20% to the core team. The structure is designed to scale with community migration to the mainnet and aims to ensure fairness and reduce early dumping risk.
Network progress is tied to the pace of Pioneer adoption. This approach could help stabilize Pi’s value over time if adoption accelerates as intended.
While the imminent unlocking of 5.6 million tokens presents short-term risk, the feasibility of a $5 price target ultimately depends on whether Pi Network overcomes its current challenges and successfully expands its ecosystem. Widespread adoption and tangible utility remain key factors to monitor going forward.