Pi Network’s (PI) Core team just unleashed the Protocol 28 on the testnet, following a successful implementation of the Protocol 27 on the mainnet. The newest one is aimed at handling delays in transaction data.
Pi’s Getting Ready For This Stellar-Like Upgrade
With the Protocol 28, Pi’s developers are now able to single-handedly lift the status of smart-contract groups. All Pi Network’s (PI) node validators are now ought to upgrade to the Stellar-inspired Protocol 28 by October 13, 2026.
The mainnet upgrade is slated to kick in on October 16, 2026. The previous protocol upgrade came along with the clearance of 417,000 Know Your Customer (KYC) flags, allowing more Pioneers to transfer their earnings onto the mainnet.
Pi’s Stuck In Between Low & Mid Bollinger Bands
Currently, Pi’s market cap stands around $977,468,372, but the stagnant Spot market volumes suggest a lack of demand: the 24-hour figures barely reached $5 million, while similar-ranked peers like Polygon (POL), Algorand (ALGO) & Lighter (LIT) inked between $66.32 million to $107.69 million, per CoinGecko.
Meanwhile, the altcoin’s Open Interest (OI) on decentralized exchanges (DEXs) has piled up to $31 million. Coinalyze data points to a heavy short-selling build-up at the $0.086 support level. The nearly $6 million added in one day puts the crypto bears at the driving seat as short-selling dominates the near-term picture.
The TradingView 4-hour chart for Pi Coin shows recent Pi price action underwater after earlier volatility, with RSI near 38 reflecting oversold momentum and ADX at 18.10 indicating a weak bearish trend. The Bollinger Bands (BOLL) say Pi’s stuck between the low & mid price ranges.
So, not much on the bullish side shall be expected until Pi Coin’s (PI) price restores the $0.09 confluent resistance level. Conversely, a decisive Pi price break below the $0.085 support line risks exposing the next level at $0.0767, underscoring current bearish technical risks for the mobile-mining crypto currency.
