Pi Network’s PI token fell 4.23% to $0.0824 over 24 hours as selling returned across the crypto market. The decline erased much of PI’s 5% to 6% weekend gain and placed the token near its key $0.080 support. PI’s decline exceeded the modest drop recorded across the broader market during the same period.
Bitcoin also dropped below $63,000 after Sunday’s relief rally lost momentum. The wider market followed, with Ethereum below $1,850 and several large altcoins posting daily losses. Total crypto market value fell by about $40 billion to $2.22 trillion.
Bitcoin Weakness Pulls PI Lower
PI’s latest decline followed Bitcoin’s fall toward $62,200 during Monday trading. Bitcoin had reached about $63,700 on Sunday before sellers returned. The move reduced demand for riskier altcoins, which often track Bitcoin during sharp market shifts.
Profit-taking also added pressure after PI gained during the weekend. Traders who entered during the short rally likely sold near recent highs. That activity pushed PI below $0.084 and returned attention to the $0.080 support zone.
Bitcoin traded near $62,650, with an intraday low close to $62,227. The asset also stayed below its seven-day simple moving average near $63,612. A move above that level could improve short-term market demand.
However, a break below $62,000 could place more pressure on PI and other altcoins. Bitcoin’s recent swing near $61,275 offers another support area. Further weakness could bring the $60,000 level back into focus.
Protocol v26 Becomes the Next PI Test
Pi Network’s planned Protocol v26 upgrade now serves as the next expected network event for traders. The update follows Protocol v25, which added privacy-focused tools and network reliability changes in July. Pi Network also told node operators to prepare for another protocol update.
Reports point to August 11 for the next upgrade step. However, Pi Network’s public update only confirms that Protocol v26 is coming. It does not provide that date in the announcement.
Market discussion has linked the upgrade with possible changes in network activity. However, claims about ‘additional supply pressure’ have not received clear confirmation from Pi Network. Traders are also discussing ‘potential exchange listings,’ but no major platform has announced an immediate listing.
The lack of a confirmed listing or other near-term catalyst has limited buying after the weekend rally. Meanwhile, supply concerns still affect PI sentiment. Previous token unlocks increased circulating supply.
Protocol upgrades can support development without producing an immediate price response. Therefore, traders may focus on network activity, node participation, and trading volume after the update. Stronger use could support demand, while weak volume may limit any rebound.
PI Price Holds $0.080 Support
PI now trades close to $0.080, which has acted as an important short-term support level. Holding that area could allow the token to retest $0.085. That level marked the upper end of its recent trading range.
Trading volume will matter during any recovery attempt. A move above $0.085 with stronger volume would show broader market participation. A low-volume rebound could fade quickly if Bitcoin stays under pressure.
A daily break below $0.080 would weaken PI’s short-term structure. The next visible support sits near $0.075, where buyers previously entered. Selling could increase if Bitcoin also loses the $62,000 area.
For now, PI’s direction depends on Bitcoin and the wider altcoin market. The Protocol v26 update may add volatility around the August 11 date. Until then, traders will watch $0.080 support and Bitcoin’s ability to reclaim $63,000.
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
