The native token of the Pi Network, PI, rebounded after a volatile week, finding support above a key moving average. This recovery coincides with the project’s Core Team confirming the successful upgrade of the Pi Mainnet to Protocol 22, a milestone completed after a slight delay from its initial deadline.
The Pi Network Core Team confirmed the mainnet’s successful migration to Protocol 22 on May 1, as stated in a post on X. This upgrade followed version 21 in early April, though it arrived after the initial April 27 deadline set by the team.
In the announcement, the team instructed node operators to update their systems and “stay tuned for instructions regarding the upcoming v23 upgrade.” The protocol has seen frequent updates, with version 20.2 launching on March 14 to establish smart contract foundations. Concurrently, the ecosystem’s native token, PI, showed significant price movement.
PI surged from $0.17 to a monthly high of $0.20 mid-week before retracing to just over $0.17. Analysts noted the token held above its 100-day moving average, a crucial support level. The asset subsequently rebounded by approximately 6% on Friday, trading above $0.18 once more.
With this recovery, PI’s market capitalization neared $1.9 billion, ranking it as the 45th largest digital asset on CoinGecko. The price action occurred while much of the broader cryptocurrency market remained stagnant or declined.
