Pi Network price up 15% this week, will the rally sustain?

Pi Network price rallied over 15% in the past week, outperforming a largely flat crypto market as a wave of network upgrades and event-driven catalysts boosted demand for the token.

According to data from crypto.news, Pi Network (PI) climbed from a weekly low near $0.166 to around $0.189 at press time on April 28, pushing its market cap close to $2 billion and ranking it among the top 50 crypto assets.

The latest move comes as the network successfully rolled out its mandatory Protocol 22.1 mainnet upgrade on Monday. The upgrade is aimed at improving scalability and transaction throughput, a key requirement as the ecosystem prepares to support more complex decentralized applications.

Investor sentiment has also strengthened ahead of the upcoming Protocol 23 upgrade, scheduled for May 11. This next phase is expected to introduce full smart contract functionality, marking a major shift for Pi from a simple peer-to-peer transfer system to a programmable Web3 platform.

At the same time, the project’s visibility has increased following confirmation that it will participate as an official sponsor at Consensus 2026 in Miami, set to take place between May 5 and May 7. The scheduled appearances of co-founders Nicolas Kokkalis and Chengdiao Fan have helped renew retail interest, particularly across social media platforms.

Supply-side dynamics have further supported the rally. On-chain data shows a decline in token unlocks toward the end of April, reducing immediate selling pressure and allowing fresh demand from the upgrade narrative to have a stronger impact on price action.

Pi Network price analysis

On the daily chart, Pi Network price is attempting to reclaim the $0.19–$0.20 resistance zone after spending most of April consolidating near the $0.16–$0.18 range. The recent breakout attempt follows a period of compression, suggesting that volatility is beginning to expand again.

The chart also shows that PI price has flipped back above the Supertrend indicator, which has now turned green. This shift typically signals a short-term trend reversal in favor of buyers and indicates that bullish momentum is building.

Momentum indicators are also starting to align with the price action. The MACD has moved into positive territory, with the signal lines crossing upward and histogram bars turning green, pointing to strengthening upside momentum after weeks of muted activity.

From a pattern perspective, traders are closely watching the formation of a potential double-bottom structure with a neckline around the $0.190 level. A sustained close above this resistance could confirm the breakout and open the door for a move toward $0.2045, with a further extension toward $0.22 if momentum continues into the Protocol 23 launch window.

However, caution remains warranted. Pi Network has previously shown a tendency to follow a “buy the news, sell the event” pattern around major announcements. If the price fails to hold above $0.19, it could slip back toward the $0.17 support zone, with a deeper pullback potentially retesting the $0.165 level.

For now, the short-term bias remains tilted to the upside as long as the token holds above its recent support and the positive news flow continues through early May.