Pi Network's token PI traded lower on Monday after gaining more than 6% last week, with its price hovering around $0.0880. The cryptocurrency remains above the $0.0800 level but continues to meet resistance below $0.1000. Despite the recent advance, momentum indicators suggest that PI has not yet built sufficient buying pressure to sustain a breakout.

The mixed technical outlook comes as developers prepare a network upgrade that could introduce additional authentication capabilities for applications and transactions. The milestone carries weight for a project that only became openly tradable this year: Pi Network launched in 2019 as a smartphone-based mining app, and its Open Network rollout in February 2025 opened the blockchain to external connectivity and brought listings on exchanges such as OKX, Bitget and MEXC. The token remains absent from Binance and Coinbase, a long-running point of discussion within the Pi community.

Pi Core Team introduces Protocol 27 on testnet

The Pi Core Team announced on Saturday that it had released Protocol 27 on the Pi Testnet. Pi Network is built on the Stellar Consensus Protocol, and the update incorporates the latest Stellar network protocol into its testing environment. Stellar itself introduced smart contract functionality through its Soroban platform in early 2024, and its subsequent protocol upgrades have continued to extend contract-related capabilities.

According to the Pi Core Team's announcement, Protocol 27 will support new smart contract authentication capabilities. The upgrade is intended to provide more advanced methods for applications and users to authenticate transactions.

Releasing the protocol on the testnet allows developers to evaluate its functionality before deployment on Pi Network's mainnet. The Pi Core Team is targeting September 15 for the mainnet rollout of Protocol 27. Once activated, the upgrade could expand the authentication options available to applications operating on the network — a relevant consideration for a project whose development agenda since Open Network has centered on building usable applications for its large mobile user base, from browser-based apps to in-ecosystem marketplaces.

The update represents a potential technical catalyst for PI, although its immediate effect on the token's price remains uncertain. Market participants are likely to monitor progress toward the September deadline alongside broader cryptocurrency market conditions. Since trading began, PI's market has also absorbed recurring token unlocks that gradually add to circulating supply under the network's phased distribution schedule.

PI remains trapped below the $0.1022 resistance

PI is consolidating between technical levels associated with its previous decline from $0.1341 to $0.0703. Immediate support sits near $0.0853, while the main upside barrier is located at $0.1022. The $0.1000 psychological level also remains an important threshold for buyers.

A confirmed breakout above $0.1022 would signal improving momentum and could open the path toward the next major resistance level at $0.1204. However, PI remains below these levels, suggesting that buyers have yet to establish control.

On the indicators side, the daily Moving Average Convergence Divergence (MACD) remains slightly positive and above its signal line. This points to some underlying buying demand, although the signal is not strong enough to confirm a sustained rally. Meanwhile, the Relative Strength Index (RSI) stands near 48, indicating broadly neutral market conditions. An RSI reading near 50 typically suggests that neither buyers nor sellers hold a clear advantage.

Taken together, these indicators support the possibility that PI will continue consolidating until a stronger catalyst pushes the price beyond its current range.

On the downside, the first significant support level for PI is $0.0853. A break below this area could expose the rising trendline near $0.0785. If selling pressure intensifies, the token could revisit its previous swing low at $0.0703.

For now, PI's near-term direction depends on whether buyers can defend the $0.0853 support area and build sufficient momentum to challenge resistance near $0.1000 and $0.1022.

Source: CoinJournal