Pi Network has completed its Protocol 24 upgrade, marking what the Pi Core Team described as one of the network’s most challenging migrations to date. The team congratulated node operators for helping complete the transition and confirmed that the next major upgrade, Protocol 25, is scheduled for June 18.
While the upgrade represents an important technical milestone, Pi’s price continues to move in the opposite direction.
According to one crypto analyst, Pi recently broke below the lower trendline of a symmetrical triangle pattern, a development that typically points to bearish continuation.
The pattern had reflected a period of consolidation where buyers and sellers battled for control. However, instead of breaking upward, Pi lost key support and accelerated lower, suggesting that sellers have gained the upper hand. The analyst also noted that lower highs and the loss of trendline support indicate increasing selling pressure.
Any short-term recovery attempt could face resistance near the former triangle support zone, which may now act as resistance.
The broader crypto market has also struggled in recent sessions, adding further pressure on Pi. Bitcoin recently fell below $65,000 for the first time since February as risk-off sentiment returned across the market.
Pi has dropped around 4% in the past 24 hours to roughly $0.125, underperforming an already weak crypto market. The token is now down about 27% since the start of the year and is trading near its lowest level since February 14.
Supply expansion is creating another headwind.
More than 174 million Pi tokens, worth over $26 million at current prices, are scheduled to unlock in June alone. In a market already dealing with thin liquidity, the additional supply could increase selling pressure and make it harder for the token to recover.
While the successful Protocol 24 upgrade could support utility-driven demand later in 2026, traders appear more focused on near-term risks. For now, weak market sentiment, bearish technicals, and upcoming token unlocks continue to outweigh the network’s development progress, keeping pressure on Pi’s price.
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