Is PI back from the dead?

Pi Network's native token has staged a sharp comeback after hitting rock bottom just days ago. $PI is now trading around $0.098, up more than 10% in the past 24 hours and trending on CoinGecko, according to @PiCoreTeam's network data. The token is within striking distance of the psychologically important $0.10 level, having gained over 20% in the last seven days and surged 39% from its all-time low of $0.07059 set six days ago.

A Sharp Drop Followed by a Fierce Bounce

The token's recent history has been turbulent. PI surged to its all-time high of $2.98 in February 2025, then experienced prolonged volatility and dropped to a new all-time low of $0.1025 on July 8, 2026, amid increased selling pressure. The decline was compounded by a heavy supply overhang: PI fell over 17% in a single day, with its market capitalization dropping below $1 billion for the first time, while 127.5 million PI tokens were set to enter circulation over the coming weeks.

The selling pressure has been a persistent theme throughout July. On the supply side, 103.7 million tokens unlocked this month. On the demand side, a set of Pi2Day product launches promised to create real utility for the first time. Those products, launched during the annual Pi2Day event on June 28, include PiVerify, Pi Sign-in, and SoloHost. SoloHost is a permissionless framework inside Pi Desktop that lets developers build and list self-hosted apps for local AI and distributed computing, while Pi Sign-in allows external websites and apps to offer Pi accounts as a login option.

What Is Driving the Rebound

A key catalyst for the recovery appears to be the upcoming Protocol v25 upgrade. The Pi Core Team officially scheduled the Protocol v25 upgrade for July 22, 2026, and the confirmed date became a focal point for traders, with recent price strength attributed directly to the event. Separately, an anonymous wallet bought over 400 million PI amid the broader bearish trend, signaling conviction against persistent sell pressure.

Technical indicators had been flashing oversold signals well before the bounce began. The daily Relative Strength Index had dropped to around 16, placing PI in deeply oversold territory, a reading that often precedes relief rallies after prolonged declines, although the indicator alone does not confirm that a lasting uptrend has begun. The Chaikin Money Flow on the 8-hour chart climbed to 0.13, rising steadily between June 21 and July 6 even as the PI price kept sliding, a bullish divergence suggesting larger wallets were buying into the weakness.

The road ahead remains uncertain. The broader PI price outlook remains bearish until the token begins reclaiming its major moving averages. Persistent concerns about token unlocks and sell pressure temper the rally's outlook. Whether the current bounce marks a genuine turning point or simply a relief rally will likely depend on the reception of the Protocol v25 upgrade and evidence of real adoption from the Pi2Day product suite.

This article is for informational purposes only and does not constitute financial or investment advice.

Sources:
Invezz: Can Pi Network price recover as Protocol v25 upgrade offers fresh catalyst?
BeInCrypto: What to Expect From Pi Coin in July 2026: End of the 96% Decline?
Crypto.news: Pi Network price prediction July 2026: 103.7 million unlocks vs three new products