Can Pi Coin Value Recover With the Latest Pi Network Testnet Upgrade?

Pi coin, the native cryptocurrency of Pi Network, has seen a 3% uptick in its price today, with daily trading volume surging 126% to $48 million. Earlier today, the Pi Network underwent a major upgrade to version 20. Market analysts believe this upgrade could set the base for a further rally in the altcoin.

Pi Network Makes Important Progress Toward Mainnet

Pi Network’s Testnet is progressing steadily toward its Mainnet launch through a phased upgrade process visible on-chain. The protocol has advanced sequentially from v19 to v20, and now to v21. This underscores a step-by-step strategy designed to ensure stability and strengthen smart contract functionality.

The structured rollout will lay the groundwork for the network’s eventual transition to Stellar Core v23. This will enable enhanced functionality and improved network control capabilities. According to the announcement, the protocol upgrades will be implemented in phases across consecutive versions.

Pi coin Value Sees Uptick Amid Strong Whale Activity

As of press time, the Pi coin price is trading 2.65% up at $0.3540 with daily trading volume at $48 million. This is the highest price the altcoin attained in a month. The good thing is that today’s rally comes with a strong increase in trading volumes, suggesting major bullish sentiment among traders.

Data from PiScan shows that a major whale wallet has been actively accumulating Pi tokens from the OKX exchange. The wallet acquired 441,549 PI just hours ago, bringing its total holdings to 373 million PI.

Large-scale purchases of this kind are often interpreted as a sign of strong confidence in the token’s long-term prospects. Speaking on the development, a Pioneer said:

The whale’s accumulation suggests a bet on a potential trend reversal for Pi coin, even as the project faces criticism. Concerns have included inflationary pressure from token unlocks, accusations of being a “ghost chain,” and the lack of a major exchange listing since its mainnet launch.

Will Pi Coin Price Rally to $1 Anytime Soon?

Pi Coin value is trading at $0.3427, holding relatively steady in recent weeks but still far below its $3 all-time high. On-chain data shows that a major market participant has accumulated over $123 million worth of PI, viewed as a strong bullish signal.

Technical indicators also point to potential upside. Pi has formed a bearish wedge, a pattern often preceding reversals, alongside a double bottom at $0.3380. According to Wyckoff’s theory, the token appears to be in an accumulation phase, which sets up the possibility of a move toward $1.

Analysts note that upcoming catalysts, including a token supply reduction program, could accelerate a rally. Moreover, a possible major exchange listing, such as Binance, or new strategic partnership announcements could fuel the rally.