Pi Network Token Faces Pressure as Core Team Wallets Transfer to Exchanges During v22 Upgrade

TLDR

• PI cryptocurrency reached an all-time low of $0.13 in February before staging a 60% rally to $0.2056
• The network is progressing through a significant protocol upgrade to v22/v23, with four phases remaining
• More than 16 million Pioneers have successfully completed the KYC migration, aided by new AI verification tools
• Blockchain analysis reveals Pi Core Team wallets transferring substantial PI token amounts to exchange-associated addresses
• The token currently trades near $0.17, facing resistance at $0.20 with critical support at $0.12 if the $0.15 level fails

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PI cryptocurrency is currently changing hands around $0.17 following a dramatic rebound from February’s historic bottom. The digital asset plummeted to $0.13 before surging 60% to reach $0.2056. Since touching that peak, prices have retreated.

PI Network (PI) Price

The rally has encountered significant headwinds. Blockchain analytics reveal that addresses associated with the Pi Core Team have transferred substantial quantities of PI tokens to exchange-connected wallets within the last 48 hours.

Such transactions often indicate potential selling activity. When major token holders liquidate positions, it creates downward pressure by consuming available buy orders and establishing price ceilings.

Source: PI Scan

The timing has sparked concern among community members. More than 35 million participants mined PI using mobile devices throughout the project’s initial phase, with many enduring extended wait periods for the Open Mainnet deployment.

Protocol Enhancement Continues

Pi Network is currently implementing a comprehensive protocol enhancement targeting v22 and ultimately v23. The team has successfully completed two of six scheduled upgrade stages.

The outstanding phases are projected to conclude by April. This enhancement aims to strengthen developer resources, accelerate transaction processing, bolster security measures, and expand network capacity.

Traditionally, cryptocurrencies experience price volatility surrounding significant technical implementations. Whether this pattern emerges depends partly on whether distribution pressure diminishes.

Validator compensation is scheduled for distribution this month. Rewards will be calculated based on validator effectiveness, transaction volume processed, and contributions to network stability.

Identity Verification Advancement and Platform Innovations

More than 16 million Pioneers have successfully navigated the KYC migration requirements. The development team has integrated advanced AI technology to accelerate the verification workflow.

Pi Network’s technical team has suggested plans for a KYC-as-a-Service platform, positioning PI as a competitor to established projects including Worldcoin and Humanity Protocol.

Critical Price Zones Under Watch

PI is currently consolidating around $0.17. Technical analysts note that the $0.20 threshold has transitioned from a support level to a resistance barrier.

Source; TradingView

The Relative Strength Index registers near 40, indicating subdued bullish momentum. A decisive break above $0.20 accompanied by elevated trading volume would challenge the current bearish configuration.

Should the $0.15 support zone fail, the subsequent major support level lies at $0.12. This would represent a substantial decline from PI’s peak valuation.

Daily chart analysis shows the cryptocurrency attempting to break above the Ichimoku cloud formation. The Supertrend indicator has shifted from bearish to bullish, while price action tests the 50-day moving average.

A sustained breakout beyond $0.2056 could establish a trajectory toward $0.25, according to prevailing chart patterns.

Currently, PI trades in the $0.17 range, with the immediate price challenge focused on breaching the $0.20 resistance threshold.

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