The price of the Pi Network is showing some positive indicators today, including increased trading volumes. This coincides with today, April 27th, which is the same date the Pi Core team announced as the last day to update the protocol 22. Is it plausible that these traders are buying the coin in anticipation of a price increase after the update? And if so, how high could Pi Network's price go?

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Protocol 22 update drives momentum
Trading activity around Pi (PI) has increased. Within 24 hours, the amount of Pi coins traded, whether bought or sold, jumped by 62%. However, this does not determine whether traders are sellers or buyers. Meanwhile, the price of Pi (Pi Network) decreased by 0.42% to reach $0.35.

The main reason for the price decline is what is known as "selling psychology upon news release." When traders expect the price to rise, they start buying early. As the event approaches, they begin selling to take profits.

As CoinGape previously mentioned, it was a good time to buy Pi Network after the update was announced and the user base increased. But now, if the positive expectations generated by the update fade, some users might send their coins to trading platforms.

However, the amount sent to trading platforms is much less than the amount sent from them. PiScan shows that over 24 hours, 5.2 million PI tokens were sent to trading platforms, while 6 million PI tokens were sent from them. This means an additional 800,000 PI tokens are being sent. 📈🌋❤️❤️❤️❤️❤️💫