Pi Network has completed its Protocol 24 upgrade. The Pi Core Team stated that this was one of the most complex migrations the network has undergone to date and confirmed that the next Protocol 25 upgrade is scheduled for June 18th. However, this technical progress has not yet led to a recovery in the token price.
The price is still falling after the upgrade is completed.
Pi fell about 4% in the past 24 hours, to about $0.125, a larger drop than the overall crypto market during the same period. Year-to-date, Pi has fallen about 27%, with its price nearing its lowest level since February 14th.
The report noted that the crypto market has been under pressure recently, with Bitcoin briefly falling below $65,000. Declining risk appetite has also put greater pressure on smaller-cap tokens. Even after the upgrade is implemented, market focus remains on short-term price risks.
Technical analysis indicates increasing selling pressure.
Analysts say that Pi's recent break below the lower support of a symmetrical triangle pattern indicates that selling pressure is still increasing. This pattern previously reflected a tug-of-war between bulls and bears, but the price failed to break upwards and instead lost key support, subsequently continuing to fall.
The analysis also noted that Pi's recent highs have been consistently lower, and the lower edge of the previous triangle pattern may now act as a short-term resistance level. This means that even if a rebound occurs, the price may encounter resistance again when approaching the previous support zone.
More than 174 million coins were unlocked in June.
Besides market sentiment, the increased circulating supply is also a source of current pressure. Reports indicate that over 174 million Pi tokens will be unlocked in June, worth over $26 million at current prices.
- June's unlocked quantity: Over 174 million Pi
- Value estimated at current prices: over $26 million
- Next upgrade date: June 18th
In a illiquid environment, the entry of new tokens into the market typically amplifies short-term selling pressure and increases the difficulty of price recovery. For Pi, the improved network utility brought about by the upgrade has not yet translated into sufficiently strong buying support.
