Pi Network’s native token, which has been on a major downfall over the past several months, is among the top-performing cryptocurrencies today (August 12).

Its resurgence comes amid rumors that the controversial project has completed yet another ecosystem update.

PI Rises

The token’s price jumped by 4% over the past 24 hours to reach almost $0.09. This means that PI has outperformed nearly all top 100 digital assets, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and many more. Its market capitalization stands just below $1 billion, making it the 65th-largest cryptocurrency.

It remains unclear what exactly fueled the resurgence. One might speculate that the momentum is tied to rumors suggesting that protocol version 26 has already been deployed.

Not long ago, Pi Network urged all mainnet node operators to complete the upgrade by August 11 to remain connected to the network. While the Core Team has not yet issued an official announcement on the matter, certain X users claimed the upgrade is already in effect.

Rizo suggested that protocol v26 has been rolled out, and that attention is now turning to version 27, which should be the final upgrade in this series. X user amrOnChain also weighed in, saying that Testnet 2 is now officially on protocol v26, and the node has been upgraded to the latest version.

“The final stretch is here. From v19 to v26, 8 successful upgrades completed. Only one remains before the network is fully up to date. This is the moment we’ve been building toward,” the X user added.

Sustainable Rally or Pullback Ahead?

According to some market observers, PI has the potential to chart additional gains in the near future. X user Crypto With Gopal claimed it has formed a large triangle pattern. He added that the price has been compressing between descending resistance and rising support, displaying tightening momentum and bulls defending the lower range.

That said, the analyst predicted that a “clean breakout” above $0.10 could trigger a more substantial pump to $0.15 – a level last witnessed at the end of May.

It is worth keeping in mind that traders and investors should remain cautious since a downside move is also on the table. PI has been rejected several times after showing signs of life, while the reigning bear market isn’t exactly helping.

Source: CryptoPotato