Pi Network Launches Protocol 28 Ahead of Key Upgrade Deadline
Pi Network’s (PI) development team has rolled out Protocol 28 on the testnet, following the successful deployment of Protocol 27 on the mainnet. This latest upgrade aims to address delays in transaction data. Protocol 28 introduces the ability for developers to independently elevate the status of smart-contract groups, marking a significant step forward for the network. All Pi Network node validators are required to upgrade to this Stellar-inspired protocol by October 13, 2026, with the mainnet upgrade scheduled for October 16, 2026.
The previous protocol upgrade cleared 417,000 Know Your Customer (KYC) flags, enabling more users to transfer their earnings to the mainnet. Despite this progress, Pi’s market cap remains around $977,468,372, with stagnant spot market volumes indicating low demand. The 24-hour trading volume has barely reached $5 million, significantly lower than peers like Polygon (POL), Algorand (ALGO), and Lighter (LIT), which range between $66.32 million and $107.69 million.
Open Interest (OI) on decentralized exchanges (DEXs) has surged to $31 million, with Coinalyze data highlighting a substantial buildup of short-selling at the $0.086 support level. This aggressive short-selling suggests bearish sentiment in the near term. The TradingView 4-hour chart for Pi Coin shows recent price action under pressure, with the Relative Strength Index (RSI) near 38, indicating oversold momentum, and the Average Directional Index (ADX) at 18.10, suggesting a weak bearish trend.
The Bollinger Bands indicate that Pi’s price is stuck between the low and mid ranges, with little bullish momentum expected until the $0.09 resistance level is restored. Conversely, a decisive break below the $0.085 support level could expose Pi to further downside, with the next support level at $0.0767.