Pi Network is drawing renewed attention after PI rose 2.73% to $0.1882, moving back into the Bull Market Support Band for the first time since its rebound in April. The band currently ranges from $0.1841 to $0.2045, making this zone a key area for traders assessing whether the token can sustain its recovery.
Protocol 22 completed, focus shifts to smart contracts
On the network side, Pi Network completed its Protocol 22 upgrade on April 27, clearing the way for the next development phase. The market is now watching for Protocol 23, which is expected to introduce smart contracts in May. If delivered as anticipated, the upgrade could mark an important step in Pi’s transition from a token-focused ecosystem to a broader platform capable of supporting decentralized applications.
The Protocol 22 transition was supported by more than 421,000 nodes, highlighting the scale of the network’s infrastructure. At the same time, over 10 billion PI tokens have migrated to Mainnet, while 6 billion remain locked. That balance suggests a significant portion of holders are not rushing to sell during the upgrade period, a factor that may help reduce immediate supply pressure.
Technical setup points to a possible breakout
From a chart perspective, the 4-hour timeframe shows a double bottom pattern, often interpreted as a bullish reversal setup. According to the report, if PI can close above the $0.1900 neckline, the token may have room to extend toward $0.2200. In addition, the Supertrend indicator has already confirmed a bullish signal at $0.1670, reinforcing the view that momentum has improved.
Still, $0.2045 remains a major near-term resistance level as the upper edge of the Bull Market Support Band. For Pi Network, the next move will likely depend on two factors: whether the protocol roadmap continues on schedule, and whether price can hold above its newly reclaimed support zone. With Protocol 22 completed and Protocol 23 approaching, PI is entering a critical period where network development and market expectations are increasingly aligned.