Overview
- PI rallied about 11% on July 20–21 to test the $0.10 area with trading volume surging and market capitalization recovering to roughly $1 billion.
- Pi Core Team has scheduled Protocol v25 for July 22, a formal upgrade that adds BN254 cryptography and Poseidon hashing to support zero-knowledge, privacy-preserving smart contracts and improve network stability.
- Momentum readings have improved but remain inconclusive with RSI near 47.7 and a slightly positive MACD histogram, meaning buyers need a sustained close above $0.12 to signal a true trend reversal.
- Supply-side risks loom because roughly 103.7 million PI are scheduled to unlock during July and one large wallet holds more than 400 million PI, both of which could increase sell pressure if demand does not absorb the new supply.
- The next phase will hinge on whether post-upgrade developer activity, stronger exchange liquidity and sustained spot buying can hold $0.10 and push toward $0.12, otherwise recent rallies are likely to fade back toward recent lows.