Pi Network price has formed a bearish setup just as roughly 9 million tokens are set to be unlocked on Thursday, Dec. 25. This could lead to renewed selling pressure on the token. Summary PI price is down nearly 31% from its November high. Approximately $1.76 million worth of PI tokens are

Pi Network prices have recently been under continuous pressure. Against a backdrop of technical weakness, a key token unlock event is approaching. According to on-chain data, approximately 8.7 million PI tokens will be unlocked on December 25, with a current value of about 1.76 million USD. This event is seen by the market as a significant short-term risk factor that could trigger selling. Looking back at the market trend, Pi Network briefly reached a high of $0.279 in November, but then quickly retreated, with a total decline of about 31% last week, hitting a low of $0.192. Although there was some buying on dips over the weekend, the price temporarily rebounded to $0.214, but overall demand remains weak. Before macroeconomic data is released, market sentiment is cautious, and PI has fallen back to around $0.203.