Pi Network Preps Protocol 28 Amid Weak Market Performance

Pi Network (PI) is preparing for a major upgrade with the rollout of Protocol 28, which has already been deployed on the testnet and is set to go live on the mainnet on October 16, 2026. This upgrade aims to address delays in transaction data and introduces new tools for developers, allowing them to elevate the status of smart-contract groups. The previous upgrade, Protocol 27, included the clearance of 417,000 Know Your Customer (KYC) flags, enabling more users to transfer their earnings to the mainnet.

Despite these developments, Pi’s market performance remains subdued. The coin’s market cap stands at approximately $977,468,372, but trading volumes have been low, with 24-hour figures barely reaching $5 million. In comparison, similar-ranked cryptocurrencies like Polygon (POL), Algorand (ALGO), and Lighter (LIT) have seen significantly higher trading volumes, ranging from $66.32 million to $107.69 million, according to CoinGecko.

On decentralized exchanges (DEXs), Pi’s Open Interest (OI) has reached $31 million, with a notable build-up of short-selling at the $0.086 support level. This indicates a bearish sentiment in the near term. Technical indicators on the TradingView 4-hour chart show Pi’s price action in a weak bearish trend, with the Relative Strength Index (RSI) near 38, suggesting oversold momentum. The Bollinger Bands indicate that Pi is stuck between the low and mid price ranges.

For Pi to regain bullish momentum, it needs to restore the $0.09 resistance level. Conversely, a break below the $0.085 support line could expose the next support level at $0.0767, highlighting the current bearish risks for the mobile-mining cryptocurrency.