Recently, Pi Network has performed well in the market, successfully holding onto a key support level, especially in the slightly weak environment at the beginning of this week. Meanwhile, the validators of the Stellar network are voting on Protocol 23, which is the Whisk protocol. This vote may bring additional momentum to the Pi ecosystem!

Speaking of the technical aspects, Pi Network is based on a modified version of the Stellar protocol and is currently preparing for the upcoming upgrade to Stellar Protocol 23. This upgrade is expected to take place on Wednesday at 5 PM GMT and will inject a boost into the development of the blockchain, with major enhancements including unified events and parallel transactions.

In addition to these technical improvements, Pi Network also plans to launch two test networks before deploying the upgrades to the mainnet. However, it also reminds everyone that there may be planned short downtime! This upgrade may also impact Pi users, whom we commonly refer to as Pioneers, in the KYC process for joining the mainnet, creating conditions for decentralization, as the authority of Pi's KYC solution may be transferred to other entities.

At the same time, Onramp Money officially announced the integration of the PI token on Monday and advised users to ensure they use the Pi Network mainnet wallet address, not the testnet address. This service is currently limited to addresses verified through KYC.

Pi Network is currently stable above $0.3400 and is trying to maintain the gains obtained since Tuesday. As the largest KYC-based crypto project, it faces a risk of decline, but overall it looks fine, still above the support level of $0.3220. From a technical perspective, the Relative Strength Index (RSI) is steadily rising to 43, indicating a positive signal consistent with the price trend.

If Pi closes above the Supertrend indicator on the daily chart, it will be a key signal for a price breakout. If it can maintain above $0.4100, we can even expect the downward channel pattern that started in May of this year to be broken.

On the contrary, if the price falls below $0.3220, it may further push Pi down to around $0.3000. Let's see how the market changes next, and what are everyone's thoughts? Feel free to leave a comment! 😊