Pi Network (PI) slips 5% daily despite bullish sentiment
Pi Network (PI) is underperforming as its token drops around 5% per day. Over the past year, PI has struggled to match gains seen in other altcoins, even as overall market attention appears to favor “bullish” narratives.
Price context: PI launched in Feb 2025 near $3 and a peak market cap close to $14B. It later reversed sharply and now trades around $0.08, near the all-time low (~$0.07), about a 97% decline from the peak.
Despite weak price action, CoinMarketCap data shows PI still holds the second-highest bullish sentiment in the crypto market (with Kaspa (KAS) ranked first). Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are listed below PI in sentiment.
On the technical side, Pi Network’s team has continued ecosystem upgrades. The project migrated to protocol v25 (not clearly announced publicly), and is now pushing protocol v26: mainnet node operators must complete the upgrade by Aug 11 to stay connected. A reported “protocol v27” is framed as the next step and potentially the “final upgrade.”
Traders should note the mismatch: PI’s chart momentum remains negative, while sentiment indicators stay extremely optimistic. Historically, such optimism can precede either a rebound (if upgrades deliver) or renewed sell-offs (if expectations outpace results).
Neutral
The news is mixed for trading impact. On one hand, PI price action is negative (about -5% daily) and the token is near long-term lows, which typically pressures near-term flows. On the other hand, CoinMarketCap ranks PI second for bullish sentiment, and the project’s protocol v26 upgrade—especially the Aug 11 mainnet node compliance deadline—can attract technical/participation-driven buying and reduce “inactive network” fears.
Historically, similar patterns (weak price momentum paired with strong community optimism and scheduled network upgrades) often create two possible paths: (1) a short-term relief rally into/after the upgrade milestone if users and nodes genuinely update on time; or (2) a sell-the-news reaction if price fails to respond proportionally to the announcement cadence. Given the article’s emphasis that sentiment can turn euphoria into downside when expectations run ahead, a “neutral” stance fits: traders may treat PI as upgrade-event-driven, but should not assume sentiment alone will reverse bearish momentum.