Key Takeaways:
- PI rose 10% to $0.08715 as 24-hour volume jumped 75% to $11.5 million
- Protocol 26 Mainnet upgrade deadline is August 11 for node operators
- Breakout above $0.090 could target $0.11453, implying 30% upside
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Pi Network gains 10% ahead of Protocol 26 upgrade deadline
PI token climbed more than 10% this week as traders positioned for the August 11 Mainnet upgrade deadline.
PI rose 10% to $0.08715 on Wednesday as 24-hour volume jumped 75% to $11.5 million ahead of the Protocol 26 Mainnet upgrade.
"Protocol 26 is a major milestone ahead of the final planned upgrade, Protocol 27," the Pi Core Team said in a July 29 post on X. Node operators must install the upgrade by August 11 to remain connected to the network.
Eight protocol upgrades have shipped in recent months. Protocols 26 and 27 will bring the Mainnet up to date with the network's latest features. Separately, Fabric Foundation announced Pi Network joined RoboPay as a payment partner, letting PI tokens pay for robotic services including deliveries, inspections, and security patrols. PI gained about 4% after the announcement.
A confirmed breakout above $0.090 could target $0.11453, implying roughly 30% upside from current levels. Failure to clear $0.090 could keep PI trading between $0.082 and $0.090 in the coming sessions.
Protocol 26 rollout gives traders a dated event
The Pi Core Team began rolling out Protocol 26 on July 29, directing node operators to its node page for instructions. The migration should complete in under five minutes, though restarts may take longer in rare cases, the team said. Operators who miss the August 11 cutoff lose network access.
PI's weekly gain outpaced the broader crypto market, which rose 0.52% to $2.2 trillion in total market capitalization. The token's market value approached $1 billion, ranking it 67th among all cryptocurrencies, according to CoinGecko data.
Supply overhang caps upside as unlocks continue
Despite the recent bounce, PI still trades about 22% lower over the past month. The token hit a record low of $0.0710 on July 14 and remains roughly 79% below year-ago levels.
Supply is the primary drag. PiScan data shows about 4.25 million PI unlocking each day, with roughly 1.71 billion tokens scheduled to enter circulation over the next 12 months. That is a heavy load for a market trading under $12 million in daily volume.
The Relative Strength Index rose to 62.57, above the neutral 50 mark, while the MACD line at 0.00075 sits above its signal line at 0.00039, suggesting bullish momentum. However, prior upgrade deadlines delivered short bounces rather than durable trends. Protocol 25 activated on July 22, and PI briefly tagged $0.103 days earlier before losing the $0.10 level.
The August 11 cutoff hands traders another dated event. Whether it shifts the price trajectory depends on whether buyers absorb the daily unlock supply faster than new coins enter the market.
This article is for informational purposes only and does not constitute investment advice.
