Key Takeaways:
Pi Network (PI) is trading above $0.15 after the OKX cryptocurrency exchange enabled access for its US customers, a move that follows a significant mainnet upgrade to Protocol 23. The token was up approximately 2 percent over the past 24 hours, according to CoinGecko data.
"For the first time, OKX has made Pi available to millions of people in the US through its platform, adding another access point to the Pi ecosystem for US users," the Pi Core Team said in a statement on X.
The expansion comes after Pi Network's mainnet nodes successfully upgraded to Stellar protocol version 23. The update also included backend improvements, migrating the operating system to Ubuntu 24 and the database engine to PostgreSQL 16. Despite the bullish developments, on-chain data from PiScan shows that 1.72 million PI tokens flowed into centralized exchanges in the last 24 hours, bringing the total balance on exchanges to 540 million.
The developments present a mixed outlook for the token. While expanded exchange access and technical upgrades may attract new buyers, the increase in exchange deposits suggests early holders may be preparing to sell. Traders are watching the $0.1463 support level; a failure to hold could see PI retest its all-time low near $0.1310, while a successful defense could target resistance at $0.1585.
The listing on OKX for US users marks another step in Pi Network's push for broader accessibility, following its addition to the Kraken exchange for US customers in March. The dual listings on two major platforms could provide a foundation for increased liquidity and a stronger user base in the United States.
Technically, the PI token remains in a downtrend despite the recent 2 percent bounce. The price is trading below its 50-period and 200-period exponential moving averages on the 4-hour chart, which sit near $0.1605 and $0.1709, respectively. However, momentum indicators like the Relative Strength Index (RSI) have risen to a neutral reading of 47, suggesting the recent selling pressure from a token unlock event is starting to fade.
A sustained rally would require buyers to overcome significant overhead supply. The first major resistance is located at $0.1585. A daily close above that level could open a path toward the next key zone at $0.1690, which represents a transactional liquidity area on the 4-hour chart. Conversely, a rejection at current levels and a break below the $0.1463 support would invalidate the immediate bullish case.
This article is for informational purposes only and does not constitute investment advice.
