- Pi Coin is attempting a breakout from a bullish falling wedge after hitting a new all-time low.
- Market expert Dr Altcoin suggests Pi could skip intermediate upgrades and jump directly to Protocol 23.
- If Pi breaks above $0.368 resistance, a short-term rally to $0.40–$0.42 may follow.
Pi Coin has been reeling under intense selling pressure over the past few weeks, with the price plunging to a new all-time low of $0.335 in the last 24 hours.
However, despite the grim short-term outlook, market observers remain cautiously optimistic, especially in light of a possible major upgrade tied to Stellar’s upcoming protocol leap.
Stellar’s “Leapfrog” Upgrade to Revive Pi Coin
Unlike Proof of Work networks like Bitcoin or Ethereum, the Pi Network uses a consensus algorithm based on the Stellar Consensus Protocol (SCP). In the SCP, nodes form trusted groups and only agree to transactions that their trusted peers also agree to. This deep technical link to Stellar’s infrastructure is why the upcoming Stellar Protocol 23 upgrade has sparked speculation that Pi’s price could be in for a leap.
Pi community expert ‘Dr Altcoin’ suggested the Pi Core Team might jump directly to Protocol 23, skipping several intermediate versions.
This move, if it happens, would bundle major upgrades like Soroban smart contracts and full Web3 integration into a single, transformative update for the network. The expert noted that the Pi Core Team’s technical capabilities and a $100 million ecosystem fund make such a leap feasible.
For Context: The new upgrade is about more than just price. Here’s our past analysis on how Pi’s future could be tied to the AI market.
.pi Domain Auction Postponed
Further fueling this speculation is the postponement of the .pi domain auction from June to September. According to Dr Altcoin, this delay may be strategically linked to Stellar’s upcoming mainnet vote for Protocol 23 on September 3.
Notably, waiting until after the Stellar upgrade would allow Pi Network to launch .pi domains on a more robust, scalable, and Web3-optimized infrastructure.
A Falling Wedge is a PI Breakout Brewing
The 6-hour chart below shows that PI is breaking out of a descending falling wedge pattern, often considered a bullish reversal structure.
With a current price of $0.3484, the nearest resistance zone stands at $0.353–$0.368 (upper Bollinger Band & prior breakdown level). The nearest support is at $0.3373 (lower Bollinger Band), with the historical low at $0.335.
The RSI is at 35.45, in bearish territory but shows signs of reversal while the MACD is nearing a bullish crossover. Further, the Chaikin Money Flow (CMF) hovers around -0.02, signaling neutral-to-weak buying pressure.
Moreover, the Accumulation/Distribution line is flattening, indicating that the sell-off might be losing steam.
If PI successfully breaks above the $0.353–$0.368 resistance band, a short-term rally toward $0.40–$0.42 could be on the table. Failure to reclaim that zone may lead to further retests of the $0.33–$0.335 levels.
It seems like the auction delay isn’t a setback but a sign that the Pi Core Team is aligning key developments for a synchronized release that maximizes impact and utility.
The Bigger Picture: With the price at all-time lows, we previously analyzed if the Pi Network could realistically hit $10.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
