- Pi Network’s price tests a breakout at $0.344 with key support at $0.3610.
- The Pi Network ecosystem expands with PiOnline, the V23 upgrade, and a Token2049 spotlight.
- Whales have bought 350M+ PI, while daily unlocks continue to dilute supply.
The native token of Pi Network, PI, is showing renewed signs of life after weeks of muted performance, supported by ecosystem growth, protocol upgrades, and notable whale accumulation.
The V23 protocol upgrade scheduled for September 15 is a major catalyst, drawing attention to whether PI can sustain its recent rebound or succumb to renewed weakness.
Bullish traders attempt a fragile breakout
PI has posted modest gains in recent sessions, rising more than 3% in the past 24 hours and trading around $0.3549.
This rebound follows a near 12% decline over the last month and reflects cautious optimism among traders.
Analysts note the token is testing the upper boundary of a descending channel and that a daily close above $0.3610 is needed to confirm a breakout.
If the move continues, the next hurdle is the 50-day exponential moving average near $0.3836.
Technical indicators show bullish signals: the MACD line and its signal are in a steady uptrend, suggesting increasing bullish momentum.
The RSI is also recovering toward the neutral 50 area, indicating growing buying pressure after weeks of weakness.
CoinLore’s market analysis indicates bulls must hold above $0.3426 to pursue higher levels, with resistance set at $0.4767, $0.5931, and $0.7742.
Ecosystem expansion fuels renewed optimism
Beyond technicals, expansion across the Pi Network ecosystem has added fresh momentum.
PiOnline, a hybrid gaming and DeFi application featuring staking and DAO governance, has been well received by the community.
Pi also secured a gold sponsorship slot at Token2049 in Singapore, raising the project’s profile at a major global Web3 event.
On the protocol front, the V23 release introduces decentralized KYC and Linux node support—important steps toward scalability and regulatory compliance.
Developer activity has picked up, with 37 new projects launching on the testnet in early September.
These projects, together with the anticipated V23 upgrade, aim to improve DeFi, gaming apps, and cross-chain interoperability.
Taken together, these developments suggest Pi is shifting beyond its mining-focused origins toward a functioning ecosystem with tangible utility.
Whale activity sparks speculation
Retail demand has softened in recent weeks, but on-chain data tells a different story for large holders.
A mysterious whale wallet labeled “GAS…ODM” has accumulated more than 350 million PI, worth over $124 million.
Another large holder is reported to control more than 373 million PI.
Such accumulation often signals confidence from institutional or large investors, and some analysts speculate Pi may be in a Wyckoff-style accumulation phase before a sharp rebound.
Still, supply dynamics remain a risk: approximately 159.5 million tokens are scheduled to unlock daily through September, totaling about $56.7 million in a month.
This steady unlock schedule could dilute price if demand does not keep pace.
Pi Network price outlook
As the V23 upgrade approaches, Pi Network stands at a critical crossroads. In the coming weeks it will become clearer whether the recent bounce can develop into a sustainable uptrend or whether supply pressure will pull the token back toward recent lows.
PI’s short-term outlook hinges on whether the token can hold above the 7-day simple moving average near $0.344.
Failure to sustain that support could send PI back toward August’s low near $0.322.
Conversely, clearing the $0.3610 trendline and maintaining momentum would open a path toward $0.3836 and potentially the higher resistance points analysts have outlined.
Over the longer term, a combination of whale accumulation, protocol upgrades, and improved accessibility through partnerships could bolster Pi’s standing in the market.
Key challenges for the project include managing token supply inflation, driving real-world adoption, and securing listings on major exchanges to unlock deeper liquidity.