The price of the Pi Network has increased by more than 2% today, April 27, reaching $0.183 at the time of writing this report. Trading volume has also risen by 27%, reaching $30 million. These gains come ahead of the final deadline for the Protocol 22 update, which is expected to boost these gains. So, how high will the Pi Network price go after this update is launched? Let's explore that.

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

The main reason for the price decline is what is known as "sell 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 announcement of the update and the increase in users. But now, if the positive expectations generated by the update fade, some users may 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. 📈❤️❤️❤️❤️💫💫