Key Insights:
- Technical analysts have identified a bullish falling wedge pattern for the Pi Coin value. The coin has key support between $0.25–$0.30, and can see a potential breakout to $1.
- Pi Network may skip directly from Stellar Protocol 19 to 23 if all intermediate changes are correctly integrated.
- With Pi Network built on the Stellar core, the upgrade will bring smart contracts and Web3 capabilities.
Pi Coin value has seen major erosion with a 26% monthly correction and hitting new lows at $0.33. However, market analysts believe the Stellar Protocol 23 could be a game-changer for the Pi Network.
This could help the native Pi token recover the lost ground. Furthermore, the altcoin shows signs of a bottom formation, with a potential breakout from the falling wedge pattern.
Stellar Upgrade to Boost Pi Coin Value
Next month, in September, the Stellar blockchain network will release its Protocol 23 upgrade. At the same time, it will introduce smart contracts, faster and cheaper transactions, and scalable parallel processing.
Interestingly, the Pi Network node software is built on Stellar core, the same infrastructure that powers the Stellar blockchain. The popular Pi community member Dr. Altcoin stated that Pi Network is built on the Stellar core.
This upgrade will directly enhance its infrastructure. This includes improving speed, efficiency, and preparedness for a full Web 3 integration.
This could serve as a much-needed catalyst for Pi Coin value, which has faced intense selling pressure recently.
Last week, the Pi token price slipped under its August lows of $0.40, coming into a bearish grip. Since then, it has corrected another 15%, hitting a low of $0.33.
Pi Network Upgrade to Protocol 23 Deemed Feasible
Dr. Altcoin also stated that Pi Network may be able to upgrade directly from Stellar Protocol 19 to Protocol 23. As per the analyst, the key requirement is the correct and thorough integration of all significant changes. These changes would be introduced between versions 20 and 22.
This particularly relates to the Web3 infrastructure and Soroban smart contracts. Dr. Altcoin emphasized that such a direct upgrade demands extensive testing to maintain system stability.
However, he expressed confidence in the Pi Core Team’s technical capabilities. The analyst highlighted their strong developer expertise, access to specialist networks, and support from a $100 Million ecosystem fund.
“Given these resources, I believe a direct jump to Protocol 23 is both possible and realistic,” he said. Furthermore, the Pi Network wallet is getting the fiat options from TransFi. Dr. Altcoin believes that it could boost Pi Coin adoption.
The integration for the Fiat on-ramp using TransFi was added to the wallet just last week. This could be a significant game-changer for the altcoin, noted community members.
Pi Coin Value Eyes Strong Recovery After 88% Crash
Pi Coin value reached an all-time high (ATH) of $2.98 upon its exchange listing. It has since experienced a steep correction. The Pi token has corrected by 88% since then.
According to recent chart analysis, Pi Coin is forming a falling wedge pattern. It’s a bullish technical setup that often signals a trend reversal.
However, analysts caution that the price may dip further before a breakout occurs. With this, key support levels are between the $0.25–$0.30 range.
Pi Coin value is expected to hit the $0.60-$0.70 targets. It could further move to $1.20-$1.30. This could be seen if the falling wedge breakout occurs. This month, in August, there’s a total of 156 million Pi token unlocks scheduled.
On the other hand, the good news is that the Pi whale activity has resumed. This could lead to a substantial price reversal for the token.
The post Stellar Upgrade To Boost Pi Coin Value as Bottom Forms appeared first on The Market Periodical.
