The price of Pi Network’s token, Pi, has seen sharp ups and downs lately, dropping from $0.52 to around $0.45. This kind of pattern, where a coin pumps quickly and then pulls back, is typical in crypto markets, especially when a token is going through a consolidation phase. Right now, Pi’s trading volume is also declining steadily, which is expected during this cooling-off period.
According to analysts, Pi is holding firm at the critical $0.40 support level. This is important, especially considering the network will unlock a massive 276 million PI tokens between June 28 and July 15, 2025. Despite the extra supply entering the market, the price hasn’t crashed further, which is a positive sign.
Crypto analyst Dr. Altcoin shared that it’s now been over a week since Pi dropped into the $0.40 range, and it’s unlikely to fall much lower. According to him, as the market approaches the end of August, the rate of new token unlocks is expected to slow down by at least 30%. If this happens, July and August might mark the lowest price levels Pi will ever see again before beginning a steady rise.
There’s also growing chatter that if PI can break above the descending price channel it’s been stuck in, it could eye for new targets like $0.98, $1.38, and even $1.67 in the coming months. A breakout above $0.60 could be the first signal for such a move, setting the stage for a run toward the long-awaited $1 mark.
Additionally, the Pi ecosystem is still developing behind the scenes, with new apps and projects slowly adding real use cases for the token. While the extra coins being added to the market are keeping the price down for now, experts say that it’s a smart long-term move to strengthen the ecosystem first.
PYTH will unlock 2.13 billion tokens (~$1.24B) on May 20, doubling its circulating supply.
Optimism (OP) will unlock 386 million tokens (~$587M) on May 31, also doubling its supply.
PYTH shows weak On-Balance Volume (OBV) despite a minor price recovery, with $0.12 as critical support and $0.215 as key resistance.
OP remains under all major EMAs with improving Chaikin Money Flow (CMF), but faces strong overhead resistance at $1.071 and $1.4.
Both tokens face sell pressure, with rebound hinging on volume; PYTH OI drops while OP shorts rise, signaling market caution.
Pyth Builds Bearish Momentum Before Unlock
Pyth Technical Analysis: Mild Recovery, but Caution Prevails
Currently, PYTH Coin is priced at approximately $0.139, which reflects a modest rise since yesterday. Following months of decline from late December, when it was trading near $0.55, the upcoming unlock of more than $86M presents additional volatility risk.
Of importance, the support zone at $0.12 has held thus far; this is pivotal. The next key resistances are:
$0.215 (23.6% Fibonacci) → key breakout area
$0.275 (38.2% Fibonacci) → observe for new momentum
The RSI is to ~45.28, indicating a modestly stronger momentum, but still beneath the neutral 50. The CMF (~+0.08–0.12) indicates steady inflow of capital, which is encouraging. That said, the OBV at ~1.07B is still beneath it’s high (~1.2B) indicating still soft buying pressure.
The price is still under all major EMAs (20/50/100/200) which still reinforces the bearish broader trend. If $0.12 breaks, next critical level to the downside is $0.10, which could initiate some more selling pressure.
Overall the bias remains bearish leading into the unlock, unless PYTH can break above $0.215 soon, if discounting any potential momentum flip/catalyst. Just watch most possibly for short squeezes, if sentiment turns.
Optimism (OP) Shows Bearish Trend and Critical Support Test
Presently, Optimism OP Coin is trading near the $0.632 level, having suffered a long and slow decline down from its peak of $2.773 in December 2024. Adding to volatility perceptions, a large token unlock occurs on May 31 (~386m OP worth ~$587m about to drop into networks).
The RSI indicator on the Daily chart below has nearly fallen to the oversold zone of ~36. This shows sellers are in control but opens OP up to a short term bounce potential should shorts become overcrowded.
The EMA 20/50/100/200 stack shows OP remaining in a down trend under all major averages, with bearish slope confirmation. Again, a meaningful recovery will require OP to reclaim at least the $1.071 (23.6% Fibonacci retracement).
On the volume side, our OBV has now made lower lows near |~415m| and deterioration has persisted. CMF has made lower lows as well recently, at around –0.04, which signals continued net capital outflows.
Structurally, OP’s price remains compressing within a descending channel / falling wedge and is testing the critical support zone of $0.545–$0.600. Should we break this level, the next downside risk opens up below the $0.50 range. The first bullish signal we need to see would be reclaiming the $1.071–$1.4 resistance band (23.6–38.2% Fibonacci) which is no doubt going to be predicated on seeing some rotational volume and sentiment shift post the unlock.
Derivatives Insight: PYTH and OP Show Diverging Risks Ahead of Token Unlocks
PYTH Network (PYTH)
Coinglass data shows that PYTH’s aggregated open interest has fallen sharply from ~$80 million in December to around ~$40–50 million today, signalling that traders are de-risking ahead of the massive May 20 token unlock. Liquidation data shows limited recent action, but the last big wipeout in December led to a sharp crash, highlighting the risk of forced selling if unlock pressure sparks panic. The derivatives market shows caution, low leverage, and minimal buildup, but traders should prepare for a volatility spike when supply hits.
OP aggregated open interest declined from ~$350 million to ~$150–180 million, with a recent uptick signalling rising short positions, but has seen a recent uptick, indicating a rise in short positioning ahead of the May 31 unlock. Coinglass liquidation data shows large long-side liquidations recently, reflecting bearish control. This rising short buildup raises the risk of a short squeeze if sentiment shifts bullish or if the market absorbs the unlock faster than expected. Traders should monitor OI and liquidation trends closely as the unlock date nears.
Key Levels and Caution Ahead
Both PYTH and OP face critical weeks as their massive token unlocks approach, doubling circulating supply and testing market confidence. Technically, both tokens remain in bearish setups, with weak momentum and volume signals, while derivatives data show that traders are either de-risking (PYTH) or building shorts aggressively (OP). Until key resistances are reclaimed — $0.215 for PYTH and $1.071 for OP — the bias stays bearish, and traders should watch support levels closely at $0.12 and $0.545–$0.600, respectively, as the unlock events unfold.
The post Major Token Unlocks Ahead: Technical Breakdown of PYTH and Optimism (OP) for Traders appeared first on Coinpedia Fintech News
Key Highlights PYTH will unlock 2.13 billion tokens (~$1.24B) on May 20, doubling its circulating supply. Optimism (OP) will unlock 386 million tokens (~$587M) on May 31, also doubling its supply. PYTH shows weak On-Balance Volume (OBV) despite a minor price recovery, with $0.12 as critical support and $0.215 as key resistance. OP remains under …
Ethereum has seen an uptick in institutional interest in recent weeks; however, the price is consolidating in a tight range.
On-chain data has revealed that selling pressure from US-based whales and institutions has steadily declined over the past month despite the altcoin’s lackluster price performance.
Ethereum Demand Holds Strong Among US Investors
According to data from CryptoQuant, Ethereum’s Coinbase Premium Index (CPI) has remained consistently above the zero mark over the past month. This is a signal of sustained buying interest from U.S.-based investors.
This metric measures the difference between the ETH’s prices on Coinbase and Binance, and it is a good indicator for tracking US investor sentiment.
When the CPI rises, ETH trades at a premium on Coinbase compared to international exchanges. This reflects stronger buying pressure from US-based investors.
Conversely, when the CPI falls—or worse, turns negative—it signals that demand on Coinbase is lagging behind global markets due to profit-taking or waning interest among US buyers.
Therefore, despite its lackluster price performance in recent weeks, ETH’s steady CPI above the zero line suggests that US investors are continuing to buy rather than exit the market. This points to a measured accumulation trend rather than a sell-off.
Moreover, the consistent weekly inflows into ETH-backed exchange-traded funds (ETFs) confirm the sustained interest from key investors. Per SosoValue, these funds have recorded consistent weekly net inflows since May 9.
Total Ethereum Spot ETF Net Inflow. Source: SosoValue
This reflects a sustained appetite among institutional investors for exposure to ETH, even as its price action remains relatively muted.
ETH Trapped in Tight Range
Readings from the ETH/USD one-day chart confirm that ETH has been consolidating within the $2,750 to $2,424 price range since early May. If institutional investors increase their buying pressure and broader market sentiment improves, the coin could rally toward the $2,750 resistance level and potentially attempt a breakout above it.
If successful, ETH’s price could climb further to around $3,067.
However, if investors’ participation weakens and bearish pressure builds, ETH may fall back toward $2,424. It could decline toward $2,185 if that support fails to hold.
Canary Capital has submitted a registration filing to the United States Securities and Exchange Commission (SEC) for the launch of the first-ever Pengu exchange-traded fund (ETF). This move adds to the growing list of crypto asset managers seeking regulatory approval for digital asset-based ETFs.
According to the filing published on Thursday, the proposed ETF will invest in the PENGU token, which is the official token of the Pudgy Penguins NFT project, as well as in Pudgy Penguins NFTs themselves. The filing also states that the ETF will hold other digital assets, including Ethereum (ETH) and Solana (SOL), to support trading and transfers.
Canary Capital Files for Pengu ETF
In the registration statement, the ETF is defined as an investment trust that invests in digital assets such as PENGU tokens and Pudgy Penguins NFTs, among others. Regarding these holdings, Canary Capital emphasized that these ones are critical for monitoring the token and the NFT assets.
If launched, the ETF will allow investors to track the price of PENGU and other NFTs in its portfolio without owning or hosting them as physical assets. The trust may also contain other assets in the form of digital media for the buying and selling besides conversion and redemption of the fund.
“Other non-security digital assets owned by the trust include SOL and ETH that may be necessary or incidental,” the filing added.
The Pudgy Penguins project released the Ethereum-linked PENGU token in December. The project has been popular in the crypto sphere as a collection of NFT and social networking. Although PENGU was first developed on Ethereum, there is a growing sentiment that it can be regarded as a Solana meme coin since most of its trading activity transpire in Solana platforms.
PENGU Market Reaction and Price Movement
Following the ETF announcement, the PENGU token saw a sharp 10% price increase during early trading. It broke above previous resistance levels and moved past the Ichimoku cloud, indicating a possible shift in momentum.
The Relative Strength Index (RSI) for PENGU moved from 44.86 to 62 shortly after the news, indicating increased buying activity. The RSI remains below the overbought level of 70, suggesting that further gains are still possible.
Many of the analysts are now focusing on the $0.0093 as the next level of resistance backed by the Robinhood listing last week. A breakout above that level means the token will be trading above the $0.010 mark, the first time in a month. However, if the momentum disappears, the token may fall back to $ 0.0062 support area.
Growing List of Crypto ETF Applications
Canary Capital is not the only firm pursuing ETF approval for non-traditional digital assets. In recent months, several asset managers have submitted filings for altcoin ETFs, including ones focused on Dogecoin (DOGE), Sui, Hedera, and BONK. These filings followed the approval of spot Bitcoin and Ethereum ETFs by the SEC in 2024.
Despite the recent trend, the SEC has delayed decisions on many of these applications, especially those involving meme coins and smaller tokens. Some market participants have raised questions about whether ETFs for meme coins and NFTs will meet regulatory standards.
“The likelihood of approval for these funds remains unclear due to high volatility and limited trading history,” a statement from the filing added.
Mixed Reactions From the Crypto Community On Pengu ETF
The ETF proposal has sparked different responses from traders and analysts online. Some have raised doubts about investor demand for a fund tied to a meme coin and NFT project that is less than six months old.
Social media commentator @beast_ico wrote, “We don’t need ETFs for ghost chains, much less sub 6 month old memecoins.” Others noted that despite the ETF news, the price reaction was short-lived, and sustained momentum may depend on broader market trends.
Industry observer Alex Krüger commented,
“New ETFs for crypto assets have become an irrelevant joke,” citing weak asset inflows into recently launched funds.
