PI Token Slides as Protocol 21 Deadline Nears
PI token is sliding as traders brace for the Protocol 21 upgrade deadline. Price is below $0.175, down about 13% on the week and more than 3% in the past day, erasing much of the post-Kraken announcement rally where PI briefly neared $0.30.
The Pi Network core team says the mainnet upgrade to Protocol 21 has a required completion deadline of April 6. Mainnet nodes are asked to finish the upgrade step before the cutoff to stay connected to the network.
The move comes after a mid-March spike tied to Kraken listing expectations. Once the listing became official, the market flipped to a sell-the-news reaction and PI fell back under $0.20.
Token unlocks may add pressure. PiScan estimates average daily unlocks of about 7M PI over the next month, with several days above 10M PI.
For traders, the key risks are PI token execution uncertainty into April 6 and unlock-driven supply that can weigh on order books even if upgrade headlines stabilize sentiment.
Bearish
Both summaries treat the latest move in PI token as fundamentally bearish. After the Kraken-related listing news was confirmed, traders appear to have executed a sell-the-news rotation, pushing PI back below key levels ($0.20 and now below $0.175). In addition, the Protocol 21 upgrade has an approaching deadline (April 6), which can increase downside risk if there are any execution delays or node connectivity concerns.
The newer, trader-relevant addition is the unlock profile: estimated daily unlocks around 7M PI (with some days above 10M) can steadily increase circulating supply and pressure liquidity on the order book. In the short term, this combination of sell-the-news positioning plus unlock-driven supply raises the probability of continued weakness and high volatility. In the longer term, the bias could improve only if upgrade execution is confirmed smoothly and supply pressure eases; until then, sentiment is likely to remain fragile.