Can v20.2 Protocol Update Push PI to $0.30?

Check out what suggests that a major sell-off could be on the horizon.

The past several days have been quite successful for Pi Network’s PI, whose price spiked to a three-month high.

While some market observers believe the asset could post additional gains in the short term, certain indicators suggest it might be time for a sharp pullback.

Back to Red Territory?

PI is the best-performing cryptocurrency (at least in the top 100) over the past week, with its valuation rising 30% during the period. A few days ago, it surpassed $0.23 for the first time since December last year, while it currently trades at around $0.21 (per CoinGecko’s data).

Its rally follows the latest updates announced by the Core Team. Recently, the protocol v19.9 migration was successfully completed, while the next version, v20.2, is scheduled for release around March 12 (just two days before Pi Day 2026). Another catalyst might have been the newly revealed case study showing that Pi Nodes could be used for distributed AI computing and model training.

However, two important factors suggest that the ascent may soon be replaced by a correction. Data shows that more than 6.2 million PI have been transferred to exchanges in the past 24 hours alone, thus bringing the total figure to almost 450 million. The majority of the coins (53%) are stored on Gate.io, whereas Bitget ranks second with approximately 148.8 million. This development doesn’t guarantee a short-term price decline but is often considered a pre-sale step.

Next on the list is PI’s Relative Strength Index (RSI). It measures the speed and magnitude of recent price changes to help traders gauge whether the asset is on the verge of a turning point. The tool ranges from 0 to 100, with ratios above 70 indicating that PI has entered overbought territory and could be due for a pullback. Currently, the index stands at around 71.

More Gains Ahead?

Contrary to the worrying factors mentioned above, some X users remain optimistic that PI could be gearing up for an additional rally in the near future. The analyst, who goes by the moniker Vuori Trading, predicted a potential increase to $0.64, while ALTS GEMS Alert forecasted an ascent to as high as $0.30.

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The upcoming protocol update scheduled for later this week may give PI another boost, though there’s always the risk of a classic “sell-the-news” reaction, which investors should keep in mind.