Pi Network is preparing for its scheduled Protocol 28 upgrade on October 16, but the approaching release has yet to reverse the downward pressure on its native token.
PI traded near $0.08042 in the CoinGecko snapshot cited in the report, down 2.10% over 24 hours and 7.32% over the week. The weak performance leaves traders watching whether the upgrade can coincide with a recovery toward $0.10.
For now, the technical picture remains bearish, and a sustained rebound has not been confirmed.
Pi Network Prepares for Protocol 28
Mainnet node operators were given an October 13 deadline to update their software ahead of the planned October 16 rollout.
Protocol 28 follows a series of network upgrades introduced throughout 2026 as Pi develops the infrastructure needed for more advanced applications.
The project previously said Protocol 20 laid the technical groundwork for smart contracts. Proposed uses include subscriptions, escrow services and digital assets, with development, security reviews and community testing required before Mainnet deployment.
A later update, Protocol 25, introduced cryptographic features including BN254 and Poseidon hashing, intended to support applications that verify information while keeping selected data private.
Community posts have described Protocol 28 as introducing improvements to transaction processing and tools for updating groups of smart contracts. However, the official node documentation cited in the report does not independently establish every technical claim circulating online.
The scheduled rollout also does not mean all proposed smart contract applications will immediately become available on Mainnet.
PI Price Remains Close to Historical Lows
The market snapshots cited in the report placed PI between approximately $0.08042 and $0.08072, with daily trading volume around $6.5 million.
Its reported 24-hour range ran from $0.07792 to $0.08238, while market capitalization stood near $904 million to $907 million.
At those prices, PI remained roughly 97.3% below its historical high of $2.99 and relatively close to CoinGecko’s listed all-time low of $0.07059.
Recent trading showed consolidation around $0.08, with buyers struggling to maintain upward momentum. The accompanying chart identified nearby support around $0.077–$0.078, followed by the $0.070 area.
Resistance between $0.085 and $0.089 remains an early hurdle for any recovery.
Can PI Recover to $0.10?
A move toward $0.10 remains a possible technical scenario, but the indicators cited in the report do not yet confirm a reversal.
PI was trading below its 20-day, 50-day, 100-day and 200-day exponential moving averages. The shorter averages were also below the longer ones, reflecting the continuing downtrend.
The 20-day EMA stood near $0.08513, followed by the 50-day EMA at $0.08858. Higher levels included the 100-day EMA around $0.09692 and the 200-day EMA near $0.12736.
The MACD indicator remained negative, adding to the evidence of weak momentum.
Analyst Crypto With Gopal suggested that PI might be forming a double-bottom pattern. He identified $0.10–$0.12 as a potential recovery zone if buyers regain control, while warning that a fall below $0.075 would weaken that setup.
Reaching $0.10 would therefore require PI to clear nearby resistance and sustain stronger buying interest. The upgrade alone does not establish that this will happen.
Pi Explores Stablecoin Payments Through Open Standard
Alongside its protocol development, Pi Network is exploring stablecoin applications through a partnership with Open Standard, the company behind Open USD, or OUSD.
In its October 8 announcement, Pi said the collaboration would examine potential rewards for community members and payment uses within its ecosystem.
The project said PI would remain its primary cryptocurrency. Stablecoins could support transactions where predictable values are useful, including commerce and payment settlement.
However, the partnership remains exploratory. Pi has not announced a Mainnet launch date for OUSD, reward eligibility requirements or payment amounts.
The agreement also does not establish that stablecoin adoption will directly increase demand for PI.
Network Progress Has Yet to Translate Into a Price Recovery
Pi has continued expanding its developer tools, including a Testnet RPC server, improved documentation and additional application capabilities.
Those developments may help developers build and test services, but their effect on token demand remains uncertain. Proposed applications still need to complete the relevant testing and review stages.
The October 16 upgrade is the next event on the network’s development calendar. For PI’s price, the nearer test is whether buyers can push through the $0.085–$0.089 resistance area and hold those gains.
Until that happens, $0.10 remains a conditional recovery level rather than a confirmed outcome.
