The team behind Pi Network supposedly completed another major ecosystem development, while the broader cryptocurrency market has been booming lately.

Despite these positive developments, PI remains deep in the red on a weekly basis.

The Latest Ecosystem Advancement

Pi Network began the long process of protocol updates at the start of the year and first implemented version 19.6. Many others followed suit, including v20.2, which laid the foundation for smart contract capabilities.

During the summer months, it unveiled versions 25 and 26, which actually came after their initial deadlines. The last technical update from that list is protocol v27, which was supposed to add more flexible and secure smart-contract authentication and should have been deployed on September 15.

On that date, the X account BSCN revealed that Pi Network initiated the upgrade, starting with a Testnet 2 implementation and planning to transition to Mainnet in the coming days. Several hours ago, the entity disclosed that the Core Team completed the final step toward launching protocol v27.

“Pi Network PiCoreTeam is moving to Protocol V27 on its Testnet 2 environment as it works toward a mainnet launch. The new protocol has stabilized at 250 transactions per block with no recorded failures, showing it can handle higher traffic. This is the final technical step before the Pi Network team switches to the live environment,” the announcement reads.

It is important to note that other X users have also highlighted the development, yet Pi Network’s official X account has remained silent on the matter.

Performing Maintenance

Pi Network’s PI has a maximum supply of 100 billion tokens, with a large portion allocated to community mining rewards. However, the circulating supply currently stands at roughly 11.24 billion units (per CoinGecko), while the supply created so far is around 17.2 billion.

This means that many coins remain locked and are set for release in the coming months and years. Traders and investors have been closely monitoring that development, as it can impact the price. The website providing this insight is piscan.io, but it has been unavailable for a few weeks as the team performs maintenance and reviews its service operations.

Besides upcoming token unlocks, PiScan has been providing data about the amount of PI tokens stored on crypto exchanges: another factor that is vital for the price trajectory. Nevertheless, such information is also unavailable at the moment.

PI Price Outlook

As of this writing, PI trades at roughly $0.09, down about 8% this week. This is concerning given the broader cryptocurrency market’s major upswing, with Bitcoin (BTC) briefly touching $87,000 and Ethereum (ETH) nearing $2,800.

Still, some believe that the token may soon regain bullish momentum. X user Crypto With Gopal noted that the price has been holding the $0.07-$0.08 support zone, suggesting buyers are defending the lows.

“A breakout above the $0.10-$0.11 resistance could trigger a stronger upside move toward the projected target. Bulls are trying to build momentum – breakout confirmation is key,” he concluded.

Source: CryptoPotato