Pi Network [PI] is waking up again! Their native token is moving up the charts, following the Protocol 26 announcement.
Is this the beginning of a longer recovery for PI?
PI gains, OI recovers to 2.34M
At press time, PI had climbed 6.68% on the 1h chart; the token went from around $0.0775 to $0.0827. Price briefly went above $0.084 before pulling back, so some traders booked profits near the local high.
Even so, PI remained well above the level from which the move began.
Pace was still positive, even if it had started to slow. RSI was at 58.24, just a hair’s breadth away from overbought territory. However, the MACD line slipped just below its signal line, so things look weak in the short-term for PI.
In derivatives, Aggregated Open Interest recovered to about 2.34 million after falling near 2.2 million. Funding stayed positive at 0.005%; long positions still had a slight edge.
Protocol 26 deadline – The trigger?
On Wednesday, PiCoreTeam said Mainnet would move to Protocol 26, giving node operators until August 11 to upgrade through the Pi Node software. Those who miss the deadline risk being disconnected.
Protocol 26 follows eight successful upgrades and is the final major step before Protocol 27, the last update currently planned.
SLICE pool previews Pi Network’s mainnet trading model
AMBCrypto previously reported that Pi Network had also recently launched a test liquidity pool pairing SLICE with Test-Pi. The rollout gives Pioneers a practical look at token swaps and liquidity pools before similar activity reaches Mainnet.
Following the launch, the team distributed 10 million SLICE test tokens. Pi raised through the launchpad flows into the pool, where the ecosystem token is paired with the project token.
An automated market maker then prices each swap according to the balance of both assets while operating alongside Pi’s DEX order book.
When users spend Test-Pi to buy SLICE, its price rises. Swapping SLICE back for Test-Pi pushes it lower. The experiment is essentially a preview of decentralized pricing and trading within Pi’s ecosystem.
Final Summary
- PI gained 6.6%; Open Interest recovered to 2.34 million.
- Protocol 26 and the 10 million SLICE test-token rollout signify continued development across Pi Network.
