Pi Network price remains in a deep slumber this month, continuing a consolidation that started in March this year. It has largely ignored some of the top catalysts, including the ongoing upgrades and the recent statements by its founders at the Consensus event in Miami. Pi Coin was trading at $0.1720, down by 42% from its highest point this year.
Pi Network upgrade will see it compete with top chains like Ethereum
Pi Coin price has struggled even as the network goes through a major upgrade that will radically change its business. It is in the final stages of carrying out the V23 upgrade, which will align it with Stellar Protocol 23, and there is hope that it will continue to get to 26.
The main change in this upgrade is that it will introduce smart contract capabilities to the network. Its developers have already launched the testnet of the Remote Procedure Call (RPC).
Introducing smart contracts to the network is important because of the capabilities they will unlock in the near term. While it has always been possible to build applications on Pi Network, these have been highly centralized.
Smart contracts that will make it possible for developers to build dApps like those in industries like games, decentralized finance (DeFi), and real-world asset (RWA) tokenization. In the future, it will be possible to have dApps like Aave, Uniswap, and Morpho on Pi Network, a move that will improve its utility.
The challenge, however, is that the smart contract industry is highly competitive, and potential challengers to Ethereum have always failed. Ethereum maintains the biggest market share in key areas like DeFi, gaming, and stablecoins.
Only a handful of chains have become popular among users, including Solana, Hyperliquid, BNB, and Base. On the other hand, many major layer-1 and layer-2 chains like Berachain, Scroll, IOTA, and Zilliqa have all become ghost chains.
Pi Network is pivoting to AI
Meanwhile, Pi Network is continuing to pivot to the artificial intelligence industry. One approach to this is the recent investment in OpenMind, a company at the intersection of AI and robotics. This approach will see the two companies collaborate, a move that will benefit its miners.
Most notably, the developers are working on launching solutions to help companies verify users. It will do that by leveraging its know-your-customer (KYC) tool that has already KYC’d over 18.1 million users. It has also helped to conduct over 16.72 million mainnet migrations.
Launching such a product will help it compete with the likes of Humanity Protocol and Worldcoin.
Still, there are signs that the Pi Network coin demand remains thin. Data shows that the daily volume dropped by 15% in the last 24 hours to over $13 million.
Pi Network price prediction: technical analysis
Pi Coin price chart | Source: TradingView
The daily chart shows that the Pi Coin price has plunged from the March high of $0.2980. This decline is in line with our forecast ahead of the Kraken listing.
The coin has remained below all moving averages. It has also remained inside the narrow range between the key support and resistance levels at $0.1650 and $0.1993.
Pi Network Coin is slowly forming a bearish flag pattern, a common continuation sign in technical analysis. This is a sign that it will continue falling, potentially to the key support level at $0.1500. This will be confirmed if it drops below the support at $0.1650.
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