Pi Network price defended the lower boundary of a falling channel on Thursday, holding above a key support level as selling pressure eased near $0.073. The move comes as traders shift focus to the upcoming Protocol v25 upgrade scheduled for July 22, though broader market weakness continues to cap any significant recovery.
Support Level Holds Firm
Buyers stepped in to defend the $0.075 area, preventing a breakdown below the channel's lower boundary. The defense was notable after several days of downward pressure that had pushed the token toward the $0.073 level. The bounce suggests that some traders see value at these levels, but the recovery has been limited. The channel pattern, which has guided price action for weeks, remains intact, and a break below could accelerate losses.
Selling Pressure Eases
The easing of selling pressure near $0.073 provided a brief reprieve for Pi Network holders. Volume data from the period shows a decline in sell orders, allowing the price to stabilize. However, the lack of strong buying momentum means the token remains vulnerable to further downside if broader conditions worsen. The stabilization was enough to prevent a panic sell-off, but it hasn't sparked a rally either.
Protocol v25 Upgrade Set for July 22
Traders are now looking ahead to the Protocol v25 upgrade, which is scheduled to go live on July 22. The upgrade is expected to bring network improvements, though specific details have not been widely disclosed. The event could serve as a catalyst for price action if it addresses key community concerns or enhances functionality. Historically, network upgrades have drawn attention to Pi Network, and this one is no exception. With just three days to go, speculation is building around what changes might be included.
Broader Market Weighs on Recovery
Pi Network's recovery efforts are taking place against a backdrop of subdued broader crypto markets. Bitcoin, Ethereum, and XRP all traded in narrow ranges this week, with no clear directional bias. The lack of a strong tailwind from the majors has made it difficult for altcoins like Pi to sustain any upward moves. Until the broader market shows signs of a decisive trend, Pi Network's price is likely to remain range-bound. The correlation with Bitcoin remains high, meaning any sudden move in BTC could ripple into Pi.
The Protocol v25 upgrade on July 22 will be the next major event for Pi Network. Whether it can break the current falling channel will depend on both the upgrade's reception and the overall market mood. For now, the support at $0.075 is holding, but the clock is ticking.
