Pi Network News: v23 Protocol Upgrade, Pi Coin in Altcoin Rally

Pi Network Upgrade Brings New Features and Pi Coin Growth Potential

The Pi network is taking a big step forward. Dr Altcoin posted that, Testnet1 has been upgraded from version 19 to 22, and developers are already getting ready for version 23. 

Source: X (formerly Twitter)

Testnet2 and the Mainnet are expected to move to v23 in the next few months. The update will happen in phases, and there might be some temporary service interruptions while it rolls out.

The Pi network also released a Linux Node version recently. That is awesome news because developers and exchanges can now use Pi on Linux in addition to Windows and Mac. 

It makes the network more robust, easier to manage, and more available for anyone creating apps or services on the blockchain.

Why This Upgrade Matters

This isn't simply another technical patch. The v23 update delivers improved: 

• Security

• Seamless app integration

• Blockchain-enabled KYC. 

Placing KYC on-chain allows trusted entities to authenticate identities, enabling the crypto to remain in line with international standards. 

With a verified user base of more than 14.8 million, this update establishes genuine trust in the network.

For developers, v23 also provides opportunities to build decentralized apps (dApps) that may be applicable in real life, bestowing more tangible usefulness on the network.

Pi Coin Price Faces Pressure

Even with these upgrades, the currency has been struggling. 

Its price dropped 4.9% in the last 24 hours to $0.353, breaking key support levels. 

Analysts blame heavy token unlocks, delays in the open Mainnet, and weak chart signals. 

If it drops below $0.33, panic selling could happen.

But there’s a bright side. The overall crypto market is starting to look bullish.

Source: CoinMarketCap

The coin is now trading at $0.3440, with a decrease of 6.38% in the last 24 hours as per the CoinMarketcap. 

Bitcoin is gaining momentum, Ethereum is moving toward its all-time high, If the altcoin rally continues, Pi coin may also surge.

Macro Events May Drive It Upward

The Fed has recently cut interest rates, adding more liquidity to the markets. Lower interest rates have the effect of weakening the dollar and pushing investors to risk assets like crypto.

For the network, this can be the best time. With the v23 upgrade, a potential Mainnet launch in 2025, and a bullish crypto environment, the altcoin might be on the verge of breaking through to a price breakout.

Major resistance to watch out for is $0.38, and a breakout over it could take the path to $0.40 and beyond.

Whale Activity Impact

One giant wallet has been holding 350 million tokens. Some interpret this as a vote of confidence before potential big exchange listings. 

Others fear it is evidence of centralization, as the top 100 addresses contain most of the supply.

Either way, whale activity will have a big impact on Pi coin price when the next token unlocks happen.

Conclusion

The Pi network is at a critical juncture. Its improved technical upgrades and improved ecosystem are good news, but substantial token unlocks and closed Mainnet still bear down on the price. 

If the cryptocurrency market continues to rally, altcoin might soar, particularly if it moves back above $0.36 and $0.38. 

Investors are watching closely for two things: how well the v23 upgrade happens and whether it can benefit from the current altcoin rally.