- Pi Network’s token price tests a breakout level at $0.3610 with key support at $0.344.
- The Pi ecosystem expands with PiOnline, the v23 protocol update, and a Token2049 showcase.
- A whale accumulates over 350 million PI but daily unlocks pose dilution risk.
The native token of Pi Network, PI, is showing renewed signs of life after weeks of muted performance, driven by ecosystem expansion, protocol updates and whale accumulation.
The upcoming protocol update V23 on September 15 has become a focal catalyst, highlighting whether PI can sustain its recent rebound or slip back into weakness.
Bulls test a fragile breakout
PI has posted modest gains in recent sessions, rising more than 3% in the past 24 hours to trade around $0.3549.
This recovery follows an almost 12% monthly decline, reflecting cautious optimism among traders.
Analysts note the token is testing the upper boundary of a descending channel and that a close above $0.3610 is required to confirm a genuine breakout.
If sustained, the next resistance sits near the 50-day exponential moving average, around $0.3836.
Technical indicators also show bullish signals, with the MACD line and its signal line in a steady upward trend, suggesting growing bullish momentum.
The RSI has recovered toward neutral territory near 50, indicating rising buying pressure after weeks of subdued sentiment.
According to market analysis from CoinLore, holding above $0.3426 is crucial for bulls to target higher levels, with resistance zones identified at $0.4767, $0.5931 and $0.7742.
Ecosystem expansion fuels renewed optimism
Beyond technicals, expansion of the Pi Network ecosystem has injected fresh energy into the project.
The launch of PiOnline, a hybrid gaming and DeFi app featuring staking and DAO governance, was well received by the community.
Additionally, Pi secured a gold sponsorship slot at the upcoming Token2049 conference in Singapore, offering the project increased global visibility within the Web3 community.
On the protocol side, v23 introduces decentralized KYC processes and Linux node support, representing important steps toward scalability and regulatory compliance.
Developer activity is also picking up, with 37 new projects deployed on the Testnet in early September.
These projects include DeFi and gaming applications and accompany the anticipated v23 update, which promises improved cross-chain interoperability.
Such progress signals that Pi is moving beyond its mining-focused origins toward becoming a functioning ecosystem with tangible utility.
Whale activity sparks speculation
While retail demand has cooled in recent weeks, on-chain data tells a different story among larger players.
An enigmatic whale wallet identified as “GAS…ODM” has accumulated more than 350 million PI tokens, valued at over $124 million.
Another large holder reportedly controls more than 373 million PI.
This type of accumulation often signals confidence from large investors and has led some analysts to suggest Pi may be entering a Wyckoff-style accumulation phase that can precede a sharp rebound.
However, supply dynamics remain a risk: about 159.5 million tokens are unlocked daily as of September, which equates to roughly $56.7 million per month at current prices.
This steady unlock flow could pressure prices if demand fails to keep pace.
Pi Network price outlook
As the V23 protocol update approaches, Pi faces a critical moment. The coming weeks will show whether the token’s recovery can evolve into a sustainable rally or if supply pressures will pull it back toward recent lows.
The short-term outlook hinges on whether PI can hold above the seven-day simple moving average near $0.344.
Failure to hold that support could open the door to another test of the August low near $0.322.
Conversely, a confirmed break and close above the trend line at $0.3610 with maintained momentum could pave the way toward $0.3836 and the higher resistance levels analysts have outlined.
Over the longer term, a combination of whale accumulation, protocol updates and broader accessibility through partners and onramps could help strengthen Pi’s market position.
The project’s challenge will be balancing token supply inflation with real adoption and securing listings on major exchanges to unlock deeper liquidity.