"Support has held multiple times now all eyes are on the breakout," stated trader Crypto With Gopal, reflecting the market's optimism. Pi Network's price climbed over 13% to reach an intraday high of $0.083 after confirmation from the Core Team regarding the Protocol v25 upgrade scheduled for July 22. This news has significantly uplifted retail sentiment surrounding the token, which had previously faced a 27% decline over the past week.
The recent price surge comes as the cryptocurrency market witnesses a downturn for other high-beta assets, including Ethereum and Solana, amid a global pullback in technology stocks. Data indicated that Pi Network's price settled around $0.082 at the time of reporting, rebounding from a record low of approximately $0.071 observed on July 14. With this upgrade, the Core Team aims to enhance network stability and introduce new tools for creating privacy-focused smart contracts.
In addition to the network upgrades, the Pi mining app's user interface has been revamped to improve accessibility, which may attract additional users and investors. Meanwhile, the open interest in PI futures rose to $10.73 million, up from $10.44 million the previous day, indicating increased trading activity. This heightened use, alongside a lack of significant sell orders, likely contributed to the upward price momentum.
The market's structure, characterized predominantly by retail investors, has allowed Pi to move somewhat independently from larger altcoins. This performance comes during a broader market decline, where global technology shares have faced challenges. Despite the pressure from external economic factors, such as falling semiconductor stocks and rising oil prices, the potential for a breakout remains as Pi Network approaches key resistance levels of $0.082 to $0.083.
This material is for informational purposes only and does not constitute financial advice.
