Pi Network Declines Ahead of Protocol 28 Upgrade
Pi Network price declined 2.21% to $0.0804 on Tuesday ahead of the Protocol 28 upgrade, underperforming a slightly positive Bitcoin. Traders said Pi’s trajectory is defined by steady technical development against a backdrop of weak market performance.
Trading volume increased by 119%, with $6.5 million in transaction value as of Tuesday. This high-volume sell-off suggests increased conviction among sellers rather than a lack of interest.
PI is trading well below its key 50-day average of $0.0885 and 200-day average of $0.1236, indicating sustained bearish momentum.
However, traders said the price structure is weak, and rallies are being sold into resistance. A sustained move above the $0.0866–$0.0886 resistance zone could signal a potential trend shift.
The down move was accompanied by significant liquidity, validating the bearish pressure. The immediate catalyst is the technical picture, not the upcoming Protocol 28 Mainnet upgrade on October 16.
The key level to hold is last week’s low of $0.0774. If that breaks, the next major support is the yearly low near $0.0704. For any recovery, PI must reclaim the $0.0866 resistance area.
The path of least resistance is downward until a key resistance level is broken. Price action around $0.0774; a breakdown here would likely extend losses toward $0.0704.
PI’s decline is a function of failed technical structure and confirmed selling pressure, outweighing any positive anticipation for the network upgrade.
The Pi Core Team has set a deadline of 13 October 2026 for all node operators to upgrade their software. This is a prerequisite for the planned activation of Protocol 28 on the Mainnet, scheduled for 16 October 2026.
The upgrade aims to improve the handling of delayed transaction data and enable safer batch upgrades for smart contracts.
This is a neutral-to-bullish development for PI as it represents critical infrastructure progress essential for a stable developer base. However, it does not directly affect token supply or demand, meaning its price impact may be limited without accompanying utility growth.
Last week, Pi Network announced it is exploring a partnership with Open Standard to integrate the Open USD (OUSD) stablecoin. The goal is to use OUSD for Pioneer rewards and broader ecosystem payments, complementing—not replacing—the native PI token.
Crypto analysts reported that no launch date or specific integration details have been confirmed. This is cautiously bullish for PI as it could broaden the network’s utility and attract users seeking price stability.
The critical unknown is whether the design will create net demand for PI, or if stablecoin use could sideline the native token in transactions. Price Increases 110bps as Ripple’s XRP Attracts Capital
