PI Token Faces Setback Amidst Anticipation for Protocol Upgrade
Pi Network’s native token, PI, has seen its recent surge curtailed, falling back below the critical support level of $0.09. This price action occurs as the project’s extensive community eagerly awaits updates on the next protocol upgrade, slated to be the penultimate in the series.
Following a challenging July, during which PI recorded a series of all-time lows, including a dip to $0.07 mid-month, the token entered August with renewed optimism for a recovery. Initial resistance at $0.088 and a subsequent slip to $0.08 were overcome, paving the way for an impressive rally. By August 6, PI had surpassed $0.09 and even briefly touched $0.096. However, hopes for a push towards the significant $0.10 mark were dashed as the token was rejected and fell below $0.09 again last Friday. While buyers managed to reclaim the $0.09 level over the weekend, with PI peaking at $0.094 on Sunday morning, the upward momentum proved short-lived.
As is often the case during notable rallies, bearish forces emerged, halting PI’s advance. The token was once again capped at $0.092 and pushed below the key $0.09 support. It dropped to $0.084 minutes ago, where buying interest emerged, helping it recover to its current trading price of $0.086. Consequently, PI’s market capitalization has fallen below $950 million, positioning it as the 67th-largest cryptocurrency according to CoinGecko.
Beyond PI’s price fluctuations, the focus for “Pioneers” today is also on the impending protocol upgrade, version 26. This update, reported last week, is expected to be finalized by August 11. The Pi Network Core Team has reminded Mainnet Node operators that they must upgrade to the new version by today to avoid potential disconnection from the network.
The Core Team has previously emphasized the importance of version 26 as the final step before the ultimate upgrade to version 27. To date, eight successful network migrations have been completed this year. It is noteworthy that some of these upgrades have been implemented without official announcements from Pi Network. Therefore, version 26 could also be deployed quietly, though there has been no significant social media chatter regarding it as of press time.
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