Pi Network’s Protocol Upgrade Fails to Ignite PI Price as Trading Volume Slips

Pi Network is pushing forward on the technical front, unveiling a Linux Node and preparing a significant protocol upgrade from version 19 to 23. The move underscores the project’s intent to strengthen its blockchain infrastructure, yet market sentiment around the PI token remains tepid.

In the past 24 hours, PI managed a modest 2% uptick, trading at $0.34. However, this gain comes with a notable caveat: daily trading volume has dropped nearly 20%. Analysts caution that when price rises amid falling volume, the move often lacks durability. With fewer participants driving the rally, momentum risks fading quickly.

PI’s performance reflects this imbalance. The token continues to hover just above its critical support floor of $0.32, its all-time low. A break below this level could usher in fresh downside pressure, while any resurgence in demand may allow PI to retest resistance at $0.37.

For now, Pi Network’s technical progress is not translating into stronger market confidence, leaving the token caught in a narrow range where bearish sentiment still looms large.