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.

PI price is down nearly 31% from its November high.

Approximately $1.76 million worth of PI tokens are scheduled to be unlocked on Christmas Day.

A double top pattern formed on the daily chart casts a bearish price outlook for the short term.

The token unlock event comes just a week after the Pi core development team revealed two announcements surrounding Pi Network that aim to strengthen its DeFi infrastructure and expand real-world usage.

As such, if these initiatives manage to drive meaningful engagement and boost ecosystem activity, they could help abate some of the selling pressure generated by the token unlocks.