Pi Network Targets Major Update, PI Price Breaks Resistance

Pi Network Sets Major Update Deadline as PI Surges Past Key Resistance

Pi Network’s Core Team has announced a deadline for its next protocol update, implicitly confirming the deployment of version 25, which had not been officially announced.

Meanwhile, the project’s native token has demonstrated resilience, trading in positive territory on a daily basis following a significant downturn earlier this month.

The team had previously stated in mid-July that protocol version 25 was slated for deployment by July 22. This update followed a series of earlier upgrades initiated in February with the implementation of v19.6, progressing through subsequent enhancements to reach the July target.

However, in contrast to most prior upgrades, the Core Team did not issue an official confirmation on X or its website regarding the timely deployment of version 25. Nevertheless, numerous user reports emerged online claiming its implementation. The subsequent announcement detailing the next protocol update, version 26, effectively validates that v25 has indeed been put into effect.

As with all previous upgrades, Pi Network has urged Mainnet validators to complete the necessary procedures before the upcoming deadline of August 11. This is crucial to ensure their continued connection to the blockchain. The team has characterized version 26 as a “major milestone ahead of the final planned upgrade,” which will be v27.

“With 8 successful upgrades completed over the past few months, these final two upgrades will bring the network up to date with the latest protocol features, improvements, and functionality,” the statement read.

Despite a notable increase in new product lines and redesigns announced by the Core Team recently, many of which were unveiled in the past month, the project’s native token has struggled to gain traction. On the contrary, it experienced a sharp decline, hitting several consecutive all-time lows in July, with the most recent dip occurring mid-month at just over $0.07.

Every attempt at a breakout was quickly stifled. A significant rejection at the $0.10 mark pushed the token downwards, falling below $0.09 and $0.08. The token tanked to $0.074 just a few days ago, bringing it perilously close to setting a new low.

However, the token managed to rebound yesterday and has continued to rally today, potentially spurred by the aforementioned announcement. PI is currently up by over 6% in the last 24 hours and appears to have reclaimed the $0.08 level.