Pi Network (PI) extended its bullish streak, briefly recovering $0.1 before reversing slightly. At press time, PI was trading at around $0.098 after rising 11% on the daily charts.
This price rise was supported by a 200% increase in trading volume while the market capitalization reclaimed $1 billion, reflecting a steady flow of capital.
v25 protocol upgrade improves PI stability
The crypto market is highly anticipated for the upcoming Pi network upgrade. On July 22, the network will undergo an upgrade to the v25 protocol. The upgrade aims to improve network reliability and stability and add capabilities for more efficient and privacy-preserving smart contracts.
The v25 protocol will bring BN254 cryptography and Poseidon hashing, allowing developers to create modern applications with zero knowledge. Additionally, the network has updated its application profile page in the mining app, restoring pioneer trust in the ecosystem.
Demand for altcoin remains stable
Anticipation of an upgrade has sparked market-wide optimism, with investors rushing to reposition.
In fact, speculative demand has rebounded significantly. According to Coinank, PI’s Long/Short ratio has remained above 1 for two consecutive days.
At press time, the metric was 1.04, of which 50.9% represented long positions. When traders open primarily long positions, it suggests that they were bullish and anticipating further gains.
Additionally, cash investors have been aggressively accumulating IP. Notably, the market Delta has remained positive for nine consecutive days.
A positive delta suggests that market demand is currently strong, with buyers actively pushing prices higher. This is often a strong bullish confirmation.
Typically, when speculators and spot buyers are active, it strengthens the market, paving the way for further gains on the price charts.
Can the momentum hold?
PI saw strong bullish momentum, closing at higher highs for four consecutive days. As a result, the altcoin reversed the 21-day and 9-day moving averages, signaling strong bullish momentum.
At the same time, the altcoin’s MACD formed a bullish cross, rising to -0.009, further confirming the strengthening trend. However, the MACD remained negative, indicating that buyers have not yet fully recovered and dominated the market.
For now, if the next upgrade prompts more market participants to take over, the altcoin will make further gains. In doing so, PI will hold above $0.10 and target the $0.12 resistance.
Final summary
- Pi Network extended its bullish streak, rising 11% to $0.1 before falling slightly back to $0.098 at press time.
- PI has seen renewed demand as traders reposition ahead of the upcoming v25 protocol upgrade.
