Pi Network (PI) News Today: March 17

The team behind the controversial crypto project Pi Network unveiled several important updates lately, while the community celebrated its symbolic Pi Day.

PI’s price had its glory moments, briefly climbing to a five-month peak, but then experienced a massive correction.

The Latest Developments

March has been quite eventful for Pi Network. At the start of the month, the Core Team announced that the protocol v19.9 migration was successfully completed, while version 20.2 was scheduled for release around March 12. The official confirmation about the migration arrived with the Pi Day celebratory announcement.

Another major development was Kraken’s decision to allow trading services with Pi Network’s native cryptocurrency. This happened just a day before Pi Day – the community’s special date, celebrated because it matches the mathematical constant π (3.14), and which is logically held annually on March 14.

This year, the team marked the occasion by rolling out several ecosystem upgrades designed to boost utility, attract more developers, and strengthen the network’s overall infrastructure. Some of the improvements include new Mainnet capabilities for Pi App Studio, advancements that enable future smart contract functionality, KYC validator rewards, and more.

Most recently, Pi Network’s team disclosed that second migrations have started and “will continue with a gradual rollout, opening the door for Pioneers to bring additional PI to Mainnet and further participate in the ecosystem.” The post on X received mixed reactions: some users praised the move, whereas others questioned why the team had launched a second migration when the first one hadn’t been properly completed.

PI Remains Trending

The numerous developments surrounding Pi Network led to significant volatility in PI. The protocol updates, the listing on Kraken, and the anticipation of Pi Day boosted the price to a five-month peak of almost $0.30. At one point, the asset’s market capitalization neared $3 billion, making PI the 36th-largest cryptocurrency.

However, over the past few days, the price headed south just as rapidly in what appeared to be a classic “sell-the-news” moment. As of this writing, PI trades at around $0.18 (per CoinGecko’s data), representing a 9% daily decline and a 19% collapse over the week.

Despite the downtrend, the asset remains one of the most-searched digital assets. It is the fifth-most trending cryptocurrency on CoinGecko today, surpassing well-known names such as Bittensor (TAO), Ethereum (ETH), and Bitcoin (BTC).

What Lies Ahead?

In the following days, the daily token unlocks will exceed 15 million on a couple of occasions. Nonetheless, the end of March and the beginning of April are expected to be much calmer on that front, which could stabilize the price and slow down the recent pullback.

Moreover, PI’s Relative Strength Index (RSI) has fallen to 10, signaling oversold conditions that can sometimes precede a resurgence. The technical analysis tool ranges from 0 to 100, and conversely, anything above 70 is considered bearish territory and indicates that a short-term correction could be on the way.

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