Pi Network is at a critical moment, facing multiple challenges. The project's Token price has been continuously falling, approaching the historical low of $0.4 set on June 13. If it breaks below this key support level, the future trend will be full of uncertainty.

The most notable event is the upcoming Token unlocking event. In August, Pi Network will unlock 1.616 million Tokens, resulting in a sudden increase of 2.09% in circulating supply. This is the second largest unlocking this year (only behind the 1.705 million unlocking in December). Such a large influx of Tokens into the market could trigger severe selling pressure, further exacerbating the price downtrend.

Another concern for investors is the slow integration progress between Onramp Money and Pi Network. Although Onramp Money had stated that the integration work would be completed in the second or third week of August, there has yet to be an official announcement as of now. This delay not only affects investors' confidence but may also dampen market sentiment.

From a technical perspective, the outlook for Pi Network is not optimistic. In July, its price has fallen by 17%, and the downward trend is continuing. If the price breaks below the 0.4 dollar support level, it may further test the S1 pivot point of 0.3837 dollars, or even the S2 pivot point of 0.2585 dollars. However, if it can break through and stabilize above the 0.5 dollar mark, there may still be a possibility to reverse the current downward trend.

In this complex market environment, investors need to remain vigilant and closely monitor the impact of token unlocks and integration progress on the price of Pi Network. At the same time, attention should also be paid to the overall trends in the global cryptocurrency market and the impact of relevant U.S. policies on the industry.