Pi Network's token price surged nearly 39% from its July 14 low, reaching an intraday high near $0.098 on July 21, as anticipation builds for the Protocol v25 upgrade scheduled for July 22. Despite the strong rally, the token faced resistance just below the $0.10 mark, causing a slight pullback to $0.0939 at press time.
Upgrade Details and Market Impact
The upcoming Protocol v25 aims to enhance network stability and introduce features for more efficient, privacy-focused smart contracts. The update integrates BN254 cryptography and Poseidon hashing, key elements for zero-knowledge proofs. also a redesigned mining application has revitalized user activity, boosting retail interest after several months of declines.
On the technical side, a daily close above $0.0979, corresponding to the 78.6% Fibonacci retracement from the prior downtrend, could clear the way for Pi Network to surpass $0.10. This would expose the next resistance at $0.1197, with further hurdles at $0.1350 and $0.1502. However, traders need to watch for a confirmation above $0.12 to signal a potential sustained reversal instead of a temporary rebound.
Momentum indicators present a mixed picture. The daily Aroon Up stands at 50% with Aroon Down at zero, indicating recent lows no longer dominate price action. The Average Directional Index remains elevated near 44, signifying strong directional momentum. On the 4-hour chart, the transition above Supertrend support at around $0.085 turned the signal bullish for the first time since June, with Chaikin Money Flow suggesting buying volume surpasses selling volume during the recovery.
Still, resistance between $0.10 and $0.104 caused rejection and a long upper wick on the 4-hour candle, leaving uncertainty about a near-term breakout. Failure to hold above $0.085 or a drop below that level could undermine the recovery effort.
