Pi Network (PI) traded near $0.0780 on Thursday after recovering from an intraday low around $0.0740, but the rebound has yet to reverse its broader decline. Investors are looking ahead to the October 16 Protocol v28 Mainnet upgrade, which is designed to improve transaction-data handling and smart-contract management. However, declining futures activity and weak chart momentum suggest that anticipation of the network update has not yet translated into stronger buying demand. Traders are now watching $0.0774 support, with a break potentially exposing PI to further losses.
Protocol v28 Targets Network Improvements
The Pi Core Team has scheduled the Protocol v28 upgrade for Mainnet on Friday, October 16, following its deployment to Testnet. Node operators were instructed to install the required software by October 13 in preparation for the transition.
According to the network’s announcement, Protocol v28 introduces improvements to how Pi handles delays in transaction data. It also allows developers to update groups of smart contracts together and modify stored application data more safely as applications evolve. These changes follow the completion of the previous Protocol 27 Mainnet upgrade.
The update is primarily an infrastructure improvement rather than a direct change to PI’s token economics. It does not automatically increase demand, reduce circulating supply or guarantee a price recovery. The market’s longer-term response will depend on whether improved network capabilities encourage developers to build applications and users to engage with the ecosystem.
PI Futures Activity Signals Weak Demand
Despite the approaching upgrade, derivatives indicators point to reduced trading participation. Data attributed to Blockworks in the supplied report shows PI futures open interest falling to $8.23 million from $49.03 million the previous week.
Open interest measures the value of outstanding futures contracts. A sharp decline can indicate that traders are closing positions and reducing exposure, although it does not establish whether selling or buying will dominate next.
The funding rate remains marginally positive at 0.000050%, suggesting that long positions still pay a small premium to short positions on the relevant futures market. However, positive funding alone does not confirm bullish sentiment, particularly when open interest is contracting.
For PI, the key question is whether the Mainnet upgrade can attract fresh participation or whether traders will continue reducing exposure despite the technical milestone.
PI Price Forecast: Support and Resistance
PI remains below its 50-day and 200-day exponential moving averages (EMAs) at $0.0877 and $0.1196, respectively. This keeps the broader technical outlook bearish.
The Relative Strength Index (RSI) is near 35, indicating weak momentum, while the MACD remains in negative territory. Its contracting bearish histogram suggests downside momentum may be easing, but a reversal is not yet confirmed.
Important levels to watch include:
- $0.0774 support: A confirmed break could expose the previous swing low at $0.0704.
- $0.0704 downside level: A move below this low could put a fresh record low at risk.
- $0.0860–$0.0877 resistance: The trendline area, 23.6% Fibonacci retracement at $0.0867 and 50-day EMA form a recovery barrier.
Conclusion:
PI faces a critical test as Protocol v28 approaches. The upgrade may improve the network’s technical foundations, but price recovery will require stronger market participation. A break below $0.0774 would increase downside risk, while a sustained move above $0.0877 would offer an early sign that buyers are regaining control.
Sources & Methodology
Primary-source standard: Market-moving facts should link to original data releases, regulator notices, company filings or official project announcements whenever available. Secondary reporting is used for additional context, not as a substitute for original evidence.
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