Pi Network’s price rose more than 13% to an intraday high of $0.083 after the core team confirmed the v25 protocol upgrade on July 22, raising retail sentiment around the affected token.
summary
- The price of Pi Network increased by more than 13% after the core team outlined the v25 protocol upgrade.
- Rising open interest and a potential triple bottom have supported the price index’s recovery from record lows.
- Passive fund flow and daily token opening may limit gains above $0.083.
According to data from crypto.news, the Pi Network (Bye) The price was trading near $0.082 at press time after bouncing from its July 14 record low of $0.071. This progress was highlighted with the decline of Ethereum, Solana and other high-beta cryptocurrencies alongside the decline of global technology stocks.
The v25 protocol and leveraged demand have fueled the recovery
Pi Network core team certain The v25 protocol will improve network stability and add tools for more efficient, privacy-preserving smart contracts. The team also introduced a redesigned mining app list that aims to simplify access to the ecosystem’s features and apps. The Pi Network announcement gave traders an old-fashioned incentive after PI lost about 27% over the previous week.
Derivatives traders have rapidly increased their exposure. Open interest in PI futures rose to $10.73 million from $10.44 million the previous day. High leverage, combined with thin order books, likely helped accelerate the move as bearish positions faced pressure above $0.080.
Meanwhile, Pi Network’s hash-intensive market structure has helped the token move independently of large-cap altcoins. Global technology stocks fell on July 17, as investors reduced their leveraged exposure to semiconductor and artificial intelligence stocks, while… Renewed tensions in the Middle East It pushed oil prices higher.
Initial unemployment claims in the US also fell to 208,000 from 216,000, another sign of resilience in the labor market. Strong economic data could reduce the case for the Fed to cut interest rates, a development that typically hurts speculative assets. PI Network’s catalyst outweighed this pressure during Friday’s session.
On the lower time frame chart, the PI has formed three bottoms around $0.073-$0.075, creating a potential triple bottom. The pattern requires a decisive close above the neckline near $0.082-$0.083. A confirmed breakout could open a move towards $0.086, where the chart shows the next short-term target.
According to Crypto Trader With Gopal, buyers repeatedly defended the same support area.
“The support has held several times, and now all eyes are on the breakout. Market sentiment is turning increasingly bullish.”
The daily chart presents a tougher test. The indicator indicator remains inside the bearish channel that has been dominating the price action since late April, while the supertrend remains bearish at $0.101. A bounce towards this level would leave the token below the upper boundary of the channel, which now lies near $0.108.
Weak money flow and token unlocking threaten the recovery
Chaikin’s money flow remains negative at around -0.15, showing that capital outflows are still exceeding inflows despite Friday’s bounce. The PI must push the indicator above zero and reclaim $0.101 before the daily chart supports a permanent trend reversal.
Supply also remains a structural risk. Biscan Data It showed approximately 127.5 million PIs scheduled to be unlocked over a 30-day period, equating to an average of about 4.25 million tokens per day. Continuous issuances may limit gains unless network activity creates enough demand to accommodate new supply.
A rejection from $0.083 will weaken the triple bottom setup and bring attention back to $0.074. A daily close below this support would invalidate the recovery thesis and expose the record low area near $0.071, with the down channel allowing further losses towards $0.065.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
