Pi Network has deployed Linux Node and announced plans to upgrade the protocol from version 19 to 23, marking a significant technical advancement for the blockchain project. However, despite these developments, the PI token has not shown any meaningful price movement in the past day, continuing to trade within a narrow sideways range.
PI Shows Modest Increase, but Lack of Buying Support Raises Concerns
Today, this token has recorded a modest increase of 2%, reflecting widespread buying activity in the market. However, the daily trading volume has decreased by nearly 20%, indicating that selling pressure still exists among investors.
When asset prices rise while trading volumes decrease, this signals that the price increase is not supported by strong buying demand.
In such cases, a small amount of trading can push the price up, but the lack of broad participation suggests that the upward momentum may not be sustainable. For PI, this indicates that while some investors are buying, many remain hesitant, resulting in overall weak market momentum.
Furthermore, negative indicators from the Elder-Ray index confirm this bearish outlook, showing that market sentiment remains cautious despite the protocol upgrade. At the time of writing, this index stands at -0.0237.
The Elder-Ray index measures the strength of buyers (upward price pressure) and sellers (downward price pressure) in a market. Negative values indicate that sellers are dominant, suggesting that selling pressure outweighs buying pressure.
The Elder-Ray index of PI has consistently recorded negative values since August 14, indicating that market sentiment continues to weaken. This prolonged bearish trend reflects the token's challenges in attracting demand.
PI Aims for an Increase to $0.37, but Sellers May Push the Price Below $0.32
At the time of writing, PI is trading at $0.34, hovering just above the support level of $0.32, marking the all-time low for this token. If selling pressure increases, the price may retest this level or even break below it to establish a new low.
Conversely, PI could rise to $0.37 if new demand increases.