Pi Network's PI token climbed 4% in 24 hours after community members claimed the project quietly completed its protocol v26 upgrade. The move pushed PI's market capitalization just below $1 billion, though the Core Team has not confirmed the rollout. Traders are now split between a breakout toward $0.15 and another pullback into the bear market that has weighed on the token for months.
Pi Network's native token jumped 4% over the past 24 hours to trade near $0.09, outperforming nearly every other top 100 cryptocurrency, including Bitcoin, Ethereum, Ripple, and Solana. The rally lifted PI's market capitalization to just below $1 billion, making it the 65th-largest cryptocurrency.
The exact catalyst behind the move remains unclear, but traders have tied it to rumors that protocol version 26 has already been deployed. Pi Network previously urged all mainnet node operators to complete the upgrade by August 11 to stay connected to the network, though the Core Team has not issued an official confirmation.
X user Rizo suggested that protocol v26 has already rolled out, adding that attention is now shifting to version 27, the final planned upgrade in the series. X user amrOnChain, who said Testnet 2 is now officially running on protocol v26, added: "This is the moment we've been building toward".
Some market watchers see room for PI to extend its gains. X user Crypto With Gopal pointed to a large triangle pattern forming on PI's chart, with price compressing between descending resistance and rising support. The analyst said a clean breakout above $0.10 could open the door to $0.15, a level PI has not touched since the end of May.
Still, PI has been rejected several times after similar signs of life, and the ongoing bear market isn't helping its case.
Source: CryptoPotato
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