I’ve noticed something interesting about Pi Network these past few days. The project has reached 18 million verified users and surpassed 526 million KYC verifications, showing solid community growth. But at the same time, the price still struggles to take off.

What really intrigues me is the technical roadmap behind all of this. Pi Network had set April 6 as the absolute deadline for its Protocol v21.2 update—a security and compatibility hard fork. It wasn’t optional. Validators that missed this deadline risked immediate disconnection from the network and exclusion from consensus. A classic move, but effective, to force full network alignment.

After that, things accelerate. On April 22, they moved to protocol v22.1 to improve transaction processing. Then on May 18, the major update arrives with v23.0 and full support for smart contracts and Web3 features. This clearly outlines phase 4 of the project, with serious ambitions for DeFi and on-chain exchanges.

But here’s the problem. While the team is working on these technical updates, the token is stuck. PI is currently around $0.17, with daily volume approaching 950K. That’s a 94% drop from its all-time high of $3. Sure, the price has rebounded by about 30% from its low, but technically the chart remains bearish. A head-and-shoulders formation, price below key EMAs—everything suggests that selling pressure could continue.

The next critical support is around $0.128. So basically, Pi Network’s phase 4 release date is getting closer with solid technical foundations, but the market remains skeptical. This is typical of projects in development. The fundamentals are progressing, but traders are waiting for concrete results before they truly commit. Keep a close eye on it—especially if these updates really deliver the promised utility.