Key Insights:
- PI rose 4% on Monday, adding to a two-day rebound amid a stronger wider crypto market.
- Protocol V27 is operating on Testnet 2 at 250 transactions per block, with zero recorded failures.
- The PI token remains under its 50-day, 100-day, and 200-day EMAs, maintaining a bearish broader technical setup.
The price of Pi Network continued its recovery on September 21 alongside progress on the Protocol V27 rollout. PI changed hands near $0.0894 during the latest session, marking a roughly 5.7% increase over 24 hours. Separately, Pi Network confirmed that its Mainnet blockchain protocol upgrade is underway and that Mainnet node operators are required to transition to v27.
This upward movement mirrors a broader recovery across the crypto market. Nevertheless, PI stays beneath multiple longer-term moving averages, meaning the wider technical trend is weaker than what the single-day gains indicate.
Pi Network Protocol V27 Mainnet Upgrade Is in Progress
Following initial testing on Testnet 1, Pi Network has advanced Protocol V27 to Testnet 2. The protocol has stabilized at approximately 250 transactions per block, with no failures logged throughout the testing phase. This performance offers developers another metric for network stability ahead of a wider release.
Pi Network shifted to V27 once the Protocol 26 upgrade on the Mainnet was finished. The project subsequently transitioned its Testnet toward Protocol 27 prior to initiating Testnet 2 evaluations. This structured sequence separates protocol validation from the node migration currently rolling out across the Mainnet.
Throughout this phase, the network utilizes Pi Node Docker V27.1.0. Official updates on Pi Network’s Node page state that the Mainnet blockchain protocol upgrade is underway, mandating that every Mainnet node upgrade to V27, which demonstrates that the transition has already reached network operators.
Protocol V27 concentrates on providing more robust transaction authorization and stronger infrastructure for upcoming applications. Additionally, the upgrade grants developers greater flexibility when creating services reliant on authenticated transactions. While reports connect the update to future decentralized exchange tools, Pi Network has not yet announced an official DEX launch date.
PI Price Recovers With Broader Crypto Market
The PI coin price hovered near $0.089 on September 21 after climbing more than 4% during the session, extending the asset’s recovery from the prior day. Concurrently, Bitcoin climbed past $85,000 as overall crypto sentiment improved.
Market figures revealed significant short liquidations as Bitcoin climbed. Total crypto liquidations reached about $688 million over a 24-hour window, which included roughly $598 million in short positions. Furthermore, the Fear and Greed Index climbed to 77, signaling a heightened appetite for risk across the market.
Despite this bounce, the PI cryptocurrency continues to trade beneath several medium-term technical thresholds. The price sits under the 50-day, 100-day, and 200-day exponential moving averages, keeping the broader trend under pressure even as short-term demand picks up.
Pi Coin Price Prediction Tests $0.0924 Resistance
Current Pi coin price projections focus on the 50-day EMA situated near $0.0924. A daily close above this hurdle could bring $0.0990 back into view, a zone representing the 50% Fibonacci retracement level calculated from the $0.1394 high down to the $0.0704 low.
Should PI fail to breach $0.0924, market participants may look to $0.0827 as the nearest support level, which corresponds to the 23.6% Fibonacci retracement. A steeper drop would pivot attention toward the structural low of $0.0704.
Meanwhile, node operators must adhere to specific instructions as Pi Network advances its protocol rollout: Mainnet node operators are required to upgrade to V27. Images for V27.1.0 are already accessible for Docker-based server nodes, and operators are advised to follow the official guidelines tailored to their specific node configuration.
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments involve risk, and past performance does not guarantee future results.