Pi Network’s native token PI climbed 15% during a broader cryptocurrency market rebound, reaching $0.20, its highest level in three weeks. The move pushed the token’s market capitalization above $1.9 billion, making it the 43rd-largest digital asset by market value. The rally appears to have been supported by both improving sentiment across the crypto market and fresh progress on the network’s technical roadmap.
Protocol progress adds to bullish sentiment
According to the report, Pi Network has successfully completed the v19.9 protocol migration. The next update, v20.2, is expected to arrive before Pi Day on March 14. For traders and holders, protocol upgrades often serve as a sign that a project is continuing to develop, and that narrative may have helped reinforce bullish sentiment while the wider market recovered.
Upcoming unlocks may increase selling pressure
Despite the recent advance, PI faces a meaningful near-term risk from new token supply. Nearly 21 million PI are scheduled to be unlocked on March 7, a development that could increase selling pressure as more tokens enter circulation. Token unlock events often reshape short-term supply dynamics, especially when they arrive shortly after a strong price move.
Another caution signal comes from exchange balances. The supply of PI held on exchanges has reportedly risen to 365.5 million coins, which may suggest pre-sale positioning or a greater readiness among holders to sell. On the technical side, PI’s Relative Strength Index (RSI) stands at 72, placing the token in overbought territory and pointing to the possibility of a short-term pullback.
Momentum remains strong, but risks are building
For now, PI is benefiting from stronger market conditions and positive protocol-related headlines. However, the approaching unlock schedule, growing exchange supply, and overheated technical readings suggest that upside momentum may face resistance. Whether the token can hold recent gains will likely depend on how well the market absorbs the additional supply in the days ahead.