In the past few weeks, Pi Coin has been under tremendous selling pressure, with the price falling to a historic low of $0.335 in the last 24 hours.
However, despite the bleak short-term outlook, market observers remain cautiously optimistic, especially considering the potential for a significant upgrade with the upcoming Stellar protocol leap.
Stellar's "Leapfrog" upgrade will revitalize Pi Coin. Unlike proof-of-work networks such as Bitcoin or Ethereum, Pi Network uses a consensus algorithm based on the Stellar Consensus Protocol (SCP). In SCP, nodes form trusted groups and only agree to transactions that their trusted peer nodes also agree to. This deep technological association with Stellar infrastructure has sparked speculation about a possible significant increase in Pi's price due to the upcoming Stellar Protocol 23 upgrade.
Pi community expert "Dr. Altcoin" suggests that the Pi core team may jump directly to Protocol 23, skipping several intermediate versions.
If this initiative is implemented, it will bundle significant upgrades, such as smart contracts and fully integrate Web3 into a single, transformative network update. Experts point out that the technical capabilities of the Pi core team and the $100 million ecosystem fund make this leap possible.
For context: the new upgrade is not just about price. Here are our past considerations on how Pi's future might relate to the AI market.
.pi domain auction postponed
Further intensifying this speculation is the postponement of the .pi domain auction from June to September. According to Dr. Altcoin, this delay may have a strategic connection with Stellar's forthcoming mainnet vote on Protocol 23 on September 3.
It is worth noting that after the Stellar upgrade, Pi Network will be able to launch the .pi domain on a more powerful, scalable, and Web3-optimized infrastructure.
The descending wedge indicates that PI is about to break out.
The 6-hour chart below shows that PI is breaking out of a descending wedge pattern, which is often considered a bullish reversal structure.
With the current price at $0.3484, the recent resistance levels are between $0.353 and $0.368 (Bollinger Bands upper band and previous drop levels). The recent support level is at $0.3373 (Bollinger Bands lower band), with a historical low of $0.335.
However, despite the bleak short-term outlook, market observers remain cautiously optimistic, especially considering the potential for a significant upgrade with the upcoming Stellar protocol leap.
Stellar's "Leapfrog" upgrade will revitalize Pi Coin. Unlike proof-of-work networks such as Bitcoin or Ethereum, Pi Network uses a consensus algorithm based on the Stellar Consensus Protocol (SCP). In SCP, nodes form trusted groups and only agree to transactions that their trusted peer nodes also agree to. This deep technological association with Stellar infrastructure has sparked speculation about a possible significant increase in Pi's price due to the upcoming Stellar Protocol 23 upgrade.
Pi community expert "Dr. Altcoin" suggests that the Pi core team may jump directly to Protocol 23, skipping several intermediate versions.
If this initiative is implemented, it will bundle significant upgrades, such as smart contracts and fully integrate Web3 into a single, transformative network update. Experts point out that the technical capabilities of the Pi core team and the $100 million ecosystem fund make this leap possible.
For context: the new upgrade is not just about price. Here are our past considerations on how Pi's future might relate to the AI market.
.pi domain auction postponed
Further intensifying this speculation is the postponement of the .pi domain auction from June to September. According to Dr. Altcoin, this delay may have a strategic connection with Stellar's forthcoming mainnet vote on Protocol 23 on September 3.
It is worth noting that after the Stellar upgrade, Pi Network will be able to launch the .pi domain on a more powerful, scalable, and Web3-optimized infrastructure.
The descending wedge indicates that PI is about to break out.
The 6-hour chart below shows that PI is breaking out of a descending wedge pattern, which is often considered a bullish reversal structure.
With the current price at $0.3484, the recent resistance levels are between $0.353 and $0.368 (Bollinger Bands upper band and previous drop levels). The recent support level is at $0.3373 (Bollinger Bands lower band), with a historical low of $0.335.