Pi Network v23 waits as PI loses 12% weekly

Pi Network price is holding near $0.15 as the v23 upgrade nears completion, while token unlocks and weak chart signals keep pressure on PI.

Pi Network traded at $0.150667 on May 20, with 24-hour volume at $13.96 million, according to crypto.news market data. The token moved between $0.146809 and $0.151711 during the same period, showing a narrow range around the $0.15 level.

The price remains weak on a longer timeline. PI is down 12.38% over seven days and 12.54% over the past month. It also remains about 95% below its all-time high of $2.99, set on Feb. 26, 2025.

TradingView chart shows PI trading near the lower Bollinger Band at $0.1494. The middle band sits at $0.1702, while the upper band is near $0.1911. That makes $0.17 the first recovery level to watch.

MACD also remains negative. The MACD line is below the signal line, while the histogram still sits under zero. This shows that sellers still control short-term momentum, even with a small intraday bounce.

Is the v23 upgrade helping Pi Network?

Pi Core Team said most major Mainnet nodes have now upgraded to v23. The official update said, 

“Most major Nodes have now been upgraded, and the protocol is expected to move to v23 soon.”

The team also said this was one of its most difficult upgrades because it involved several infrastructure changes. These included Protocol 22 to 23, Ubuntu 20 to 24, and PostgreSQL 12 to 16.

That progress gives the project a technical catalyst. Still, the market has not treated it as enough to reverse the price trend. PI remains pinned near $0.15, showing that traders are still focused on supply and liquidity risks.

Pi Network is also pushing Pi App Studio as part of its broader ecosystem plan. The update allows creators using external AI coding tools to connect apps to Pi’s ecosystem, which the project says includes more than 60 million engaged users.

Why are 195m PI unlocks weighing on price?

Related market coverage said 195.65 million PI are scheduled to unlock over the next 30 days. That equals about 3.17% of the locked supply and an average of 6.52 million PI per day.

The largest single-day unlock is expected on May 27, when more than 18.22 million PI could become available. At current prices, the 30-day unlock wave is worth about $29.3 million.

This matters because PI still trades with thinner liquidity than larger crypto assets. Related coverage noted that PI remains absent from Binance and Coinbase, which limits the market’s ability to absorb heavy selling.

Early users also received PI through mobile mining over several years. As more tokens migrate and become transferable, some holders may sell to realize gains. This keeps sell-side pressure in focus.

What price levels matter next for PI?

The chart shows PI sitting close to its lower Bollinger Band. If buyers defend the $0.1468 to $0.1494 zone, the token could attempt a short rebound toward $0.1702.

A move above $0.1702 would be the first sign of improving momentum. After that, traders may watch $0.1911 and the broader $0.19 to $0.20 zone, where earlier rallies failed.

On the downside, failure to hold $0.15 keeps the $0.13 area in focus. Related coverage pointed to $0.1297 as a deeper support zone, close to Pi Network’s all-time low region.

For now, PI remains caught between v23 progress and unlock pressure. The upgrade may support the long-term ecosystem, but the chart still needs a clear reclaim of $0.17 before buyers regain control.