Pi Network Price Rises Ahead of v25 Upgrade: Start of a New Bull Run?

Pi Network price has been in a freefall in the last 17 months, moving from a record high of $3 to the current $0.083. This crash has pushed its market capitalization from nearly $20 billion to $918 million today. So, will the upcoming v25 upgrade boost the token price?

Pi Network Price on Edge Ahead of the v25 Upgrade

Pi Coin price has risen slightly in the past few days, moving from the record low of $0.0713 to the current $0.083. This stability has coincided with the ongoing performance of Bitcoin and other altcoins. Bitcoin has remained above $60,000, while tokens like Venice and Official Trump have jumped by double digits in the past 24 hours.

Pi Network has also been supported by the ongoing progress that the team has made. One of the progress is on the network upgrades that has moved from v19 to v25. In a statement this week, the developers noted that the v25 of the upgrades will conclude on July 22.

This upgrade mainly focuses on improving the network’s stability and reliability. In addition to this, the upgrade will introduce new capabilities, including privacy-preserving smart contracts.

Chances are that the developers will then move to Protocol 26 of the Stellar Network. Stellar concluded this upgrade in May, introducing a protocol-native mechanism that allows Stellar’s validators to freeze compromised ledger entries. As a result, it is now possible to freeze specific ledger keys after a hacker.

The network will likely introduce Protocol 27, which was launched recently. Known as Zipper, this upgrade introduced authentication delegation, which introduced smart contract delegation, efficient multisignature wallets, and lower transaction costs.

These upgrades will have a major impact on Pi Network as the developers look for ways to boost its utility. For one, the upgrade introduced smart contracts, which are self-executing codes that power popular applications like Aave and Uniswap. The hope is that there will be dApps in its platform, which will give it utility over time.

Pi Coin Faces Some Risks Ahead

Still, it is too early to predict whether these upgrades will boost its price over time. For this rebound to happen, it will need sentiment in the industry to improve drastically.

Also, Pi faces some major risks ahead. One of the most important risks is that demand remains substantially low. CoinMarketCap data shows that the 24-hour volume stood at less than $15 million, a tiny amount, as the entire industry had a $50 billion volume.

The waning volume happened at a time when the number of new tokens coming online has remained at an elevated level. Pi’s token unlocks are expected to hit over 1.7 billion in the next 12 months.

The other main risk facing the Pi Network price is the lack of interest among pioneers, who were critical to its popularity. PiScan data shows the number of holders has plunged over time. There are now 14.5 million microbes, who are defined as holders with between $0 and $1 Pi tokens. That is a sign that many of the pioneers sold their tokens.

Pi Coin Price Technical Analysis

The daily chart shows that the value of Pi has stabilized in the past few days. It moved to $0.083 today, a few points above the all-time low of $0.071.

On the positive side, the Stochastic Oscillator has moved from the oversold level of 3.7 to the current 28. This increase is a sign that it is forming a bullish divergence pattern.

The Relative Strength Index (RSI) has also moved from the oversold level of 12.6 to the current 27. That is a sign that it is exiting the oversold level, which is usually a bullish sign.

Therefore, the most likely Pi Coin price forecast is moderately bullish, with the initial target being at $0.1296, the lowest level in February this year.