Pi Network is making headlines as its PI token manages to stay above $0.073 despite a long downturn. Recent developments point towards a potential recovery, particularly with the anticipated Protocol v25 upgrade set for July 22.
As of Thursday, the PI token was trading around $0.0765, fluctuating between an intraday low of $0.0723 and a high of $0.0839. Although the token has faced challenges, its recent price compression indicates it might be gearing up for a significant move.
Details of the Protocol Upgrade
The Pi Network announced key improvements on July 15, with Protocol v25 aiming to enhance network stability and reliability while introducing privacy-focused smart contracts. This upgrade, scheduled for July 22, is seen as a much-needed catalyst for PI as it seeks to regain strength near its recent lows.
With Bitcoin consolidating around $64,000 and a 1.67% dip in the broader cryptocurrency market, interest in smaller tokens like PI has been waning. However, the upcoming upgrade could shake things up. Protocol v25 will include BN254 cryptography and Poseidon hashing, empowering developers to create zero-knowledge applications that shield sensitive data from public exposure.
“On July 22, Pi is scheduled to upgrade to Protocol v25, which primarily focuses on improving network stability and reliability, and supports new capabilities for more efficient, privacy-preserving smart contracts,” the Pi Core Team shared on X.
This upgrade may give developers more room to innovate, potentially expanding the range of applications available on Pi Network. However, the success of this initiative relies heavily on developer engagement and the post-activation performance of the network.
To confirm its recovery, PI needs to break above $0.080. The 4-hour TradingView chart indicates a symmetrical triangle formation, suggesting an imminent breakout as the token approaches the pattern's apex.
This material is for informational purposes only and should not be considered financial advice.
