- Pi Network price tests a breakout at $0.3610, with $0.344 as a key support.
- The Pi Network ecosystem expands with PiOnline, the v23 upgrade, and a Token2049 spotlight.
- A whale accumulates 350M+ PI, but daily unlocks present dilution risk.
The native token of Pi Network, PI, is showing renewed signs of life after several weeks of sluggish performance, supported by ecosystem expansion, protocol updates, and whale accumulation.
The upcoming protocol update V23, scheduled for September 15, has become an important catalyst, drawing attention to whether PI can sustain its recent rebound or slip back into weakness.
Bulls testing a fragile breakout
PI has posted modest gains in recent sessions, rising more than 3% over the last 24 hours to trade around $0.3549.
This rebound follows an almost 12% decline over the past month, reflecting cautious optimism among traders.
Analysts note the token has tested the upper boundary of a downtrend channel, with a close above $0.3610 needed to confirm a breakout.
If sustained, the next hurdle sits at the 50-day exponential moving average near $0.3836.
Technical indicators also point higher: the MACD line and its signal counterpart are on a steady uptrend, suggesting growing bullish momentum.
The RSI has recovered toward neutral territory around 50, indicating increased buying pressure after weeks of weak sentiment.
Market analysis from CoinLore highlights that holding above $0.3426 is essential for bulls to target higher levels, with resistance set at $0.4767, $0.5931 and $0.7742.
Ecosystem expansion fuels renewed optimism
Beyond technicals, Pi Network’s ecosystem growth has injected fresh energy into the project.
The launch of PiOnline, a hybrid gaming and DeFi app offering staking and DAO governance, has been well received by the community.
Pi also secured a Gold sponsorship slot at the upcoming Token2049 conference in Singapore, giving the project major visibility at a global Web3 event.
The v23 protocol release introduces decentralized KYC processes and Linux node support, marking important steps toward scalability and regulatory compliance.
Developer activity has increased as well, with 37 new projects deployed on Testnet in early September.
These include DeFi and gaming applications, alongside the anticipated V23 upgrade that aims to improve cross-chain interoperability.
Such progress is viewed as evidence that Pi is evolving beyond its mining-focused origins and moving toward a functional ecosystem with tangible utility.
Whale activity sparks speculation
While retail sell-side activity has eased in recent weeks, on-chain data tell a different story for larger holders.
A mysterious whale wallet identified as “GAS…ODM” has accumulated more than 350 million PI tokens, valued at over $124 million.
Another major holder controls more than 373 million PI.
This level of accumulation often signals confidence among large investors and has led some analysts to suggest Pi could be in a Wyckoff-style accumulation phase that sometimes precedes sharp recoveries.
That said, supply dynamics remain a risk: roughly 159.5 million tokens are unlocked daily through September, amounting to about $56.7 million over a month.
This steady flow of new supply could weigh on prices if demand does not keep pace.
Pi Network price outlook
With the V23 protocol update approaching, Pi Network is at a critical juncture. The coming weeks will reveal whether the token’s rebound can develop into a sustainable rally or whether supply pressures will push it back toward recent lows.
Short-term prospects hinge on whether PI can hold above the seven-day simple moving average around $0.344. Failure to hold this support could open the door to another test of the August low near $0.322.
Conversely, a clear break above the $0.3610 trend line and continued momentum could clear the path to $0.3836 and higher resistance points identified by analysts.
Over the longer term, a combination of whale accumulation, fresh protocol upgrades, and improved accessibility through partnerships and on-ramps could help strengthen Pi’s market position.
The challenge for the project will be balancing supply inflation with real-world adoption and securing listings on major exchanges to unlock deeper liquidity.