Pi Network Upgrade Fails to Lift PI Price as Bearish Signals Dominate

Pi Network has rolled out a Linux Node and announced plans to upgrade its protocol from version 19 to 23, marking a significant technical step for the blockchain project. 

However, despite these developments, the PI token has failed to see any meaningful bullish movements in the past day, continuing to trade in a narrow sideways range. 

PI Shows Modest Gains, But Lack of Buy-Side Support Raises Concerns

Today, the token has posted a modest 2% gain, reflecting broader market buying activity. However, its daily trading volume has declined nearly 20%, suggesting that sell pressure persists among investors.

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PI Price and Trading Volume. Source: Santiment

When an asset’s price rises while trading volume falls, it signals that the price increase is not backed by strong buying interest. 

In such cases, a small number of trades can move the price upward, but the lack of widespread participation indicates that the rally may not be sustainable. For PI, this suggests that while some investors are buying, many are still hesitant, keeping overall market momentum weak.

Moreover, negative readings from the Elder-Ray index confirm this bearish outlook, showing that market sentiment remains cautious despite the protocol upgrade. At press time, this is at -0.0237.

PI Elder-Ray Index. Source: TradingView

The Elder-Ray index measures the strength of buyers (bull power) and sellers (bear power) in a market. A negative value indicates that bears dominate, suggesting that selling pressure outweighs buying interest. 

PI’s Elder-Ray index has consistently posted negative values since August 14, highlighting persistent weakness in market sentiment. This sustained bearish reading reflects the token’s challenge of attracting demand.

PI Eyes $0.37 Upside, But Bears Could Push Below $0.32

At press time, PI trades at $0.34, hovering just above its support floor of $0.32, which marks the token’s all-time low. Should bearish pressure intensify, the price could retest this level or even break below it to establish new lows. 

PI Price Analysis. Source: TradingView

Conversely, PI could climb toward $0.37 if new demand picks up.