Pi Network price forecast ahead of the V23 Protocol Upgrade

• Pi Network price tests breakout at $0.3610 with $0.344 as key support.
• Pi Network ecosystem expands with PiOnline, v23 upgrade, and Token2049 spotlight.
• Whale buys 350M+ PI, but daily unlocks risk supply dilution.

Pi Network’s native token, PI, is showing renewed signs of life after weeks of sluggish performance, supported by ecosystem expansion, protocol upgrades, and whale accumulation.

The upcoming V23 Protocol Upgrade on September 15 has become a key catalyst, drawing attention to whether PI Coin can sustain its recent rebound or slip back into weakness.

Bulls test a fragile breakout

PI Coin has managed modest gains in recent sessions, climbing more than 3% in the past 24 hours to trade around $0.3549.

This rebound comes after a month-long decline of nearly 12%, reflecting cautious optimism among traders.

Analysts note that the token has been testing the upper boundary of a falling channel, with a close above $0.3610 needed to confirm a breakout.

If that move is sustained, the next obstacle sits at the 50-day exponential moving average near $0.3836.

Technical indicators are also showing bullish signals, with the MACD line and its signal counterpart on a steady uptrend, hinting at growing bullish momentum.

The RSI has also recovered toward neutral territory near 50, showing an increase in buying pressure after weeks of subdued sentiment.

According to market analysis by CoinLore, holding above $0.3426 is critical for bulls to target higher levels, with resistance levels set at $0.4767, $0.5931, and $0.7742.

Ecosystem expansion fuels renewed optimism

Beyond technicals, Pi Network’s ecosystem expansion has provided fresh energy.

The launch of PiOnline, a hybrid gaming and DeFi application with staking and DAO governance, has been well-received by the community.

In addition, Pi has taken a Gold Sponsorship slot at the upcoming Token2049 conference in Singapore, offering the project a major visibility boost at a global Web3 event.

Dr. Chengdiao Fan, one of two Founders at Pi Network, will be a speaker at the TOKEN2049 conference, which takes place on October 1-2 in Singapore! https://t.co/npzT9pDUiJ

As one of the largest crypto events in the world, this conference is a great opportunity for Pi Network to…

— Pi Network (@PiCoreTeam) September 8, 2025

On the protocol side, version 23 of the network introduces decentralised KYC processes and Linux node support, marking significant steps toward scalability and regulatory compliance.

Meanwhile, developer activity has been rising, with 37 new projects launched on the Testnet at the start of September.

These include DeFi and gaming apps, alongside the anticipated V23 upgrade that promises to improve cross-chain interoperability.

Such progress has been seen as a sign that Pi is pivoting beyond its mining-focused origins and moving closer toward becoming a functioning ecosystem with tangible utility.

Whale activity stirs speculation

While retail demand has softened in recent weeks, on-chain data shows a different story from larger players.

A mysterious whale wallet, identified as “GAS…ODM,” has accumulated more than 350 million PI tokens, valued at over $124 million.

Another large holder reportedly controls more than 373 million PI.

This kind of accumulation often signals confidence among big investors and has led some analysts to suggest that Pi may be in the Wyckoff accumulation phase, which can precede sharp rebounds.

That said, supply dynamics remain a risk, with around 159.5 million tokens unlocking daily through September, adding up to roughly $56.7 million in a month.

This constant flow could dilute prices if demand does not keep pace.

Pi Network price forecast

As the V23 Protocol Upgrade approaches, Pi Network sits at a critical juncture. The coming weeks will reveal whether the token’s rebound can extend into a sustainable rally or if supply pressures will drag it back toward recent lows.

The short-term outlook for Pi hinges on whether the token can hold above its seven-day simple moving average around $0.344.

A failure to maintain that support could open the door to another test of the August low near $0.322.

On the flip side, breaking above the $0.3610 trendline and sustaining momentum could pave the way toward the $0.3836 level and potentially higher resistance points outlined by analysts.

Longer term, the combination of whale accumulation, fresh protocol upgrades, and greater accessibility through partnerships like Onramp Money may help to strengthen Pi’s position in the market.

The project’s challenge will be balancing supply inflation with real adoption and securing listings on major exchanges such as Binance or Coinbase to unlock deeper liquidity.