Pi Network Faces $29M Unlock Blitz: Will v23 Upgrade Push It Past $0.17?

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Pi Network v23 waits as PI loses 12% weekly

Pi Network’s price is currently staying around $0.15 as the latest upgrade, version 23, gets closer to being finished. However, the release of more tokens and unpromising trends in its price chart are still creating some downward pressure on PI.

Summary

  • PI trades near $0.150667 after losing 12.38% over seven days.
  • Most major nodes have upgraded to v23, but the protocol move is still pending.
  • About 195.65 million PI are scheduled to unlock over the next 30 days.
  • The daily chart shows PI near its lower Bollinger Band, with $0.17 as first resistance.

On May 20th, Pi Network was trading at $0.150667, with $13.96 million worth of the token exchanged in the last 24 hours, according to crypto.news data. Throughout the day, the price fluctuated slightly between $0.146809 and $0.151711, remaining close to the $0.15 mark.

The price is continuing to struggle over the long term. It’s down 12.38% in the last week and 12.54% over the past month. Currently, the price is about 95% lower than its record high of $2.99, which it reached on February 26, 2025.

The price of PI is currently around $0.1494, near the lower limit of its recent trading range, as shown on a TradingView chart. The average price is around $0.1702, and the high end of the range is $0.1911. This suggests $0.17 could be the first price level to watch for a potential increase.

The MACD indicator is still showing negative momentum. The MACD line remains below its signal line, and the histogram is negative, indicating that selling pressure continues to outweigh buying pressure, despite a minor price increase during the day.

Is the v23 upgrade helping Pi Network?

Pi Core Team said most major Mainnet nodes have now upgraded to v23. The official update said, 

“Most major Nodes have now been upgraded, and the protocol is expected to move to v23 soon.”

The team noted this upgrade was particularly challenging, requiring significant changes to the underlying systems. Specifically, they updated several key components: the protocol from version 22 to 23, the operating system from Ubuntu 20 to 24, and the database from PostgreSQL 12 to 16.

This advancement is a positive technical development for the project, but it hasn’t been enough to change the overall price direction. PI remains around $0.15, indicating traders are still primarily concerned about how much of the token is available and how easily it can be bought or sold.

Pi Network is expanding its platform with Pi App Studio. This new feature lets developers who use AI coding tools easily connect their apps to the Pi Network, which boasts a community of over 60 million active users.

Why are 195m PI unlocks weighing on price?

Recent reports show that 195.65 million PI tokens are set to become available over the next 30 days. This represents approximately 3.17% of the total tokens currently locked, averaging 6.52 million PI released each day.

A significant amount of PI Network tokens—over 18.22 million—is scheduled to be released on May 27th, representing the largest single-day release so far. Based on today’s prices, this 30-day release phase is valued at approximately $29.3 million.

This is important because PI doesn’t have as much trading activity as more established cryptocurrencies. Reports have also pointed out that PI isn’t listed on major exchanges like Binance and Coinbase, making it harder for the market to handle large sell-offs.

Initially, people earned PI tokens by using a mobile app over an extended period. Now that more tokens are becoming available and able to be traded, some owners might choose to sell them for profit, which could create downward pressure on the price.

What price levels matter next for PI?

The price of PI is currently near the lower end of its recent trading range. If buyers can maintain support between $0.1468 and $0.1494, the price might briefly rise to around $0.1702.

If the price goes above $0.1702, it could signal a positive shift in the market. After that, traders will likely be watching around $0.1911 and the $0.19 to $0.20 range, as previous attempts to rise further were unsuccessful in those areas.

If the price falls below $0.15, it could lead to a further drop towards $0.13. Analysts have identified $0.1297 as a strong support level, which is near the lowest price Pi Network has ever reached.

Currently, PI is balancing advancements with the need to unlock more tokens. While the upgrade could benefit the network in the future, the price needs to firmly break above $0.17 before buyers start driving it higher.

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2026-05-20 13:48