- Pi Network’s price tests $0.3610, with $0.344 identified as key support.
- The Pi Network ecosystem expands with PiOnline, the v23 protocol upgrade and Token2049 spotlight.
- A whale accumulates over 350M PI, while daily unlocks introduce dilution risk.
The native token of Pi Network, PI, is showing signs of renewed life after weeks of sluggish performance. The recovery is supported by ecosystem expansion, protocol upgrades and significant accumulation by large holders.
The upcoming V23 protocol upgrade scheduled for September 15 has become a focal catalyst. Market participants are watching closely to see whether PI can sustain its recent upswing or fall back into weakness.
Bulls test a fragile breakout
PI has managed modest gains in recent sessions, rising more than 3% in the past 24 hours and trading around $0.3549.
This rebound follows an almost 12% decline over the past month, reflecting cautious optimism among traders.
Chart analysis shows the token testing the upper boundary of a descending channel. A daily close above $0.3610 would be needed to confirm a decisive breakout.
If that momentum continues, the next resistance sits near the 50-day exponential moving average around $0.3836.
Technical indicators are signaling improvement: the MACD line and its signal are on a steady uptrend, suggesting growing bullish momentum.
The RSI has also recovered toward the neutral zone near 50, indicating increasing buying pressure after weeks of weak sentiment.
According to CoinLore market analysis, holding above $0.3426 is critical for bulls to target higher levels. Key resistance levels to watch are $0.4767, $0.5931 and $0.7742.
Ecosystem growth fuels renewed optimism
Beyond technicals, expansion within the Pi Network ecosystem has injected new energy into the project.
The community has welcomed the launch of PiOnline, a hybrid gaming and DeFi application featuring staking and DAO governance.
Pi’s status as a gold sponsor at the upcoming Token2049 conference in Singapore also raises the project’s visibility at a major global Web3 event.
Dr. Chengdiao Fan, one of two Founders at Pi Network, will be a speaker at the TOKEN2049 conference, which takes place on October 1-2 in Singapore! https://t.co/npzT9pDUiJ
As one of the largest crypto events in the world, this conference is a great opportunity for Pi Network to…
— Pi Network (@PiCoreTeam) September 8, 2025
On the protocol side, network version 23 introduces decentralized KYC processes and Linux node support, marking important steps toward scalability and regulatory compliance.
Developer activity has also increased: 37 new projects launched on the testnet in early September, including DeFi and gaming apps that accompany the anticipated V23 upgrade, which aims to improve cross-chain interoperability.
These developments suggest Pi is evolving beyond its mining-focused origins toward a working ecosystem with tangible utility.
Whale activity sparks speculation
While retail demand has softened in recent weeks, on-chain data tells a different story among large holders.
An anonymous whale wallet identified as “GAS…ODM” has accumulated more than 350 million PI tokens, valued at over $124 million.
Another major holder reportedly controls more than 373 million PI.
Such accumulation often signals confidence from large investors and has led some analysts to suggest Pi may be in a Wyckoff-style accumulation phase that could precede a sharp rally.
However, supply dynamics remain a risk. Approximately 159.5 million tokens are scheduled to unlock daily through September, equal to roughly $56.7 million per month at current prices.
This steady stream of unlocked tokens could pressure prices if demand does not keep pace.
Pi Network price outlook
With the V23 protocol upgrade approaching, Pi stands at a critical juncture. The coming weeks will reveal whether the token’s recovery can develop into a sustainable rally or whether supply-side pressures will push it back toward recent lows.
In the near term, PI’s trajectory depends on maintaining support above the seven-day simple moving average near $0.344.
Failure to hold that level could open the door to a retest of August’s low near $0.322.
Conversely, a decisive breakout above the $0.3610 trendline and sustained momentum could clear a path toward $0.3836 and potentially higher resistance levels identified by analysts.
Over the longer term, a combination of whale accumulation, fresh protocol upgrades and broader availability through partnerships could strengthen Pi’s market position, provided real-world adoption keeps pace.
Key challenges for the project include balancing token inflation with actual utility and achieving listings on major exchanges to unlock deeper liquidity.