Pi Network Gains 12% Ahead of Protocol Upgrade
Pi Network has continued its strong performance, gaining approximately 12% in the last 24 hours to reach a price of $0.225, according to trading data from a crypto exchange.
This surge sharply outpaced a declining cryptocurrency market and comes ahead of an important network upgrade. Over the past week, the price of the cryptocurrency token has risen significantly, driven primarily by the upcoming launch of a key network upgrade.
With more than a 40% increase in trading volume over the day, the Pi Network is benefiting from excitement surrounding the upgrade and speculation related to Pi Day.
However, technical charts suggest this rally may be a bull trap. Cryptocurrency analysts have expressed that Pi’s price is caught between short-term optimism driven by catalysts and a cautious long-term technical outlook.
The upcoming week will be crucial, anchored by the March 12 upgrade and Pi Day on March 14, in determining whether this price movement is a sustainable breakout or a bull trap.
The recent price action appears to be a reaction to a verified, coin-specific development, which explains its divergence from the broader market downturn, according to crypto analysts.
Market participants are looking for network stability following the upgrade and for any developer announcements confirming its successful implementation. However, the token’s price faces immediate resistance at the day’s high of approximately $0.233.
The key support level is around $0.20, which serves as a psychological barrier and a recent breakout point. Given the proximity of Pi Day, increased volatility is anticipated.
Additionally, the Pi Network’s core team has moved the deadline for the critical v20.2 protocol upgrade forward by two days to March 12, 2026.
This update requires all Mainnet nodes to upgrade to remain connected and is considered a major step toward the network’s maturity, including the activation of Pi DEX.
This development is bullish for Pi in the short term, as it indicates active progress and a significant milestone, historically encouraging buying interest. The accelerated timeline suggests confidence in the network’s readiness and could help alleviate uncertainty, according to CoinMarketCap.com.
Community excitement is rising ahead of Pi Day on March 14, an annual event when the project typically makes important announcements. Speculation includes potential listings on the Kraken exchange and the launch of decentralised exchange (DEX) tools and automated market makers (AMM).
This positive sentiment is a key driver of the current rally, as it provides a near-term source of optimism. However, this speculation carries risks; if the announcements fail to meet elevated expectations, it could trigger a “sell the news” scenario, leading to a rapid price correction.
While Pi has broken above the $0.20 resistance, analysis suggests this might be a retracement within a broader downtrend. The daily chart indicates the price is at a significant supply zone, with the Chaikin Money Flow (CMF) showing weak bullish strength.
This presents a notable risk; the rally lacks confirmation on higher timeframes, and if the price fails to break and hold above $0.216, it could validate the bearish trend, leading to a sharp pullback. XRP Surges Amidst Wall Street Infrastructure Integration
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