Pi Network Gains 5.8% After Protocol 22 Wraps, Traders Eye $0.190 Breakout

PI changed hands around $0.1893 on April 28, up about 5.8% over 24 hours and more than 10% on the week, as markets digested the completion of Protocol 22. The move has drawn fresh attention during a key technical transition, though PI remains well below its February 2025 high of $2.99, keeping the rebound in rebuilding territory rather than a full-blown rally. Protocol 22 was finalized on April 27, delivering a mainnet upgrade aimed at improved scalability, higher transaction throughput, and stronger readiness for decentralized applications. More than 10 billion PI have migrated to Mainnet, while roughly 6 billion are still locked. That restricted liquid supply is helping curb near-term sell pressure and keeping the spotlight on utility-driven growth. Node operators have been told to upgrade to Protocol 22 by today, according to a widely circulated post, as the network positions for Protocol 23 in May. Attention is increasingly shifting to Protocol 23 as the next potential catalyst. The update is expected to introduce smart contracts and expand decentralized finance and cross-chain capabilities, giving developers more room to build within the Pi ecosystem. Technically, traders are tracking a developing double-bottom breakout setup, with a neckline near $0.190. PI is trading above its 10-day, 20-day, 50-day, and 100-day exponential moving averages. The 14-day RSI sits near 63.96, suggesting momentum is improving without flashing immediate overbought conditions, while the weekly RSI near 36.01 points to an ongoing recovery from earlier weakness. Key support is seen at $0.1832. A sustained move above $0.190 would shift focus to upside targets at $0.2045 and then $0.220. A break below support would raise the risk of a faster downside move.