Pi Network's token (PI) rose for a second consecutive day, gaining over 3% in the latest 24-hour period, as its latest decline found support near $0.0713. The recovery, which began on Tuesday, has drawn attention to a potential double-bottom chart pattern and the network's ongoing series of protocol upgrades.

However, the Pi Core Team has not officially confirmed August 11 as the activation date for Protocol 26 through its official blog. The team's most recent official update confirmed that Protocol 25 was scheduled for July 22 and advised users to await further information regarding Protocol 26.

Protocol 25 Upgrade and the Path to Protocol 26

Pi Network recently completed its upgrade to Protocol 25 as part of a broader effort to align its blockchain with newer Stellar protocol versions. The upgrades are closely watched because Pi Network remains in a closed mainnet phase, during which the project has restricted external transfers while continuing to build out infrastructure ahead of a potential open mainnet transition.

Protocol 25 introduced BN254 cryptography and Poseidon hashing, both of which support zero-knowledge applications by enabling developers to verify claims without exposing all underlying information. Zero-knowledge technology has become increasingly central across the blockchain industry, with major networks adopting it for privacy-preserving computation and scaling. The upgrade also emphasized network stability and privacy-preserving smart-contract capabilities.

The Pi Core Team instructed node operators to upgrade their software to remain connected to the network. A July 15 announcement noted that Protocol 26 would follow, though no confirmed activation date was provided. The reported August 11 date should therefore be treated as unconfirmed unless Pi Network publishes it through an official communication channel.

Protocol 26 corresponds to Yardstick on Stellar, the codebase from which Pi's blockchain originated. Stellar, a payment-focused network known for low-cost cross-border transfers, activated Yardstick on its mainnet on May 6, introducing a consensus-based mechanism that allows validators to freeze specified ledger keys during an incident. The upgrade also added checked 256-bit arithmetic and more efficient cryptographic functions for zero-knowledge applications. However, Stellar's activation of these features does not mean they are live on Pi Network — Pi must separately adopt and activate each protocol version on its own blockchain.

Token Price Pressures and Token Unlocks

Despite the ongoing upgrades, PI has continued to decline over a longer timeframe. The token has fallen 61% year-to-date, over 50% in the last six months, and 82% over the past 12 months, underperforming Bitcoin and other major altcoins. Its market capitalization now stands at approximately $840 million, down sharply from a record high of $19 billion.

The network also faces continued downward pressure from scheduled token unlocks. Data indicates that 128 million tokens will be unlocked in August, following the release of 103 million tokens in the prior month. In total, over 1.7 billion tokens are expected to be unlocked over the next 12 months. Token unlocks during periods of weak demand can be particularly impactful, as they increase the number of tokens in circulation.

PI recorded over $10 million in trading volume over the past 24 hours. Demand has remained limited even after the token was listed on Kraken, one of the world's largest cryptocurrency exchanges, with 24-hour volume on Kraken totaling just $22,000. Separately, BitMart, which was among the first exchanges to list PI, has filed for bankruptcy.

Technical Analysis

Technical indicators suggest PI may be forming a cautious bottom. The token has established a double-bottom pattern at $0.07132, corresponding to its lowest levels on July 14 and July 26, with a neckline at $0.1032. The two lines of the Percentage Price Oscillator (PPO) have crossed upward and are pointing higher, suggesting the possibility of a move toward the key resistance level at $0.1032. A sustained break above that level could point to further gains, potentially toward $0.1296, the token's lowest level in February.