The native token of the Pi Network ecosystem, Pi, jumped another 7.8% on Monday to extend its recovery rally to $0.100. The buying pressure can be attributed to a significant surge in trading volume and a temporary easing in geopolitical tensions. While the Pi Network price is yet to gain derivative support, the spot data shows renewed interest ahead of the critical Protocol v25 network fork.
Pi Network Price Sees Caution Buying Pressure Amid Stagnant OI
On Monday, June 20, the global crypto market cap surged roughly 1% to reach $2.23 trillion. The modest but significant bullish push came after positive diplomatic signals from Iran, where the foreign ministry said negotiations with the U.S. could be resumed if the Americans would safeguard Tehran’s national interests.
Spokesperson Esmail Baghaei added that mediators had recently conveyed messages to Iranian officials, hinting at potential de-escalation amid ongoing regional tensions. Following the news, the Pi Network price accelerated its recovery, reclaiming the $0.1 psychological level.
The 24-hour trading volume rose 5% to $28.4 million, according to CoinMarketCap data. A significant surge in trading volume accompanying this rally indicates strong retail interest in the market.
Despite the spot volume boost, the derivative market activity shows hesitation among traders. The Pi Network open interest (OI), projecting the total value of outstanding futures and options contracts, recorded a continued consolidation around $10M amid the price jump.
Open interest consolidating in this range often signals a lack of strong conviction in the move’s sustainability—potentially indicating that the PI coin price rally could be driven more by short-term momentum than fresh speculative positioning.
A trend with strong participation is usually accompanied by a high or rising OI and price gains. Flat or consolidating OI during an up-move, as seen here, can point to a “wait-and-see” approach, where traders are closing old positions or rolling them over rather than aggressively adding new ones.
Meanwhile, the OI-weighted funding rate is at 0.5%, according to CoinAnk data. A positive funding rate confirms that existing longs are willing to pay for their exposure.
This setup suggests a cautious bullish scenario where traders are buying into the spot market, but not in the derivatives market. The lack of OI growth with the funding rate remaining high could make a long squeeze more likely. On the other hand, if a sustained buying trend starts to build OI, it would support ongoing upward momentum.
An upcoming development that could act as a potential catalyst for further sustainable growth is the Protocol v25 upgrade, scheduled for June 22. This hard fork introduces native Zero-Knowledge (ZK) cryptography, specifically utilizing BN254 and Poseidon hashing protocols.
These developments can help developers create safe and private smart contracts, allowing users to access and execute transactions on the ledger without sharing any personal information. For the community, the update requires immediate action. To prevent their Desktop Node and Supernode operators from being disconnected from the main ledger, they will need to upgrade their client software to the v25 framework.
Pi Network Price Attempts to Retake Key Support
With a 4-day rally, the Pi Network price jumped from $0.076 to $0.1007, registering a gain of 30.4%. Consequently, the asset’s market cap bounced to $1.08B. Following this surge, the buyers attempted to regain their footing above the descending support trendline that they lost during the early July correction, as shown in the chart below.
The daily relative strength index (RSI) indicator also spiked to 48, further reinforcing the neutral stance among market participants.
If the near-term price action shows sustainability above the $0.1 support, the buyers could recoup the bullish momentum for a higher leap to $0.119 to $0.139.
On the contrary, if the 20-day exponential moving average continues to pressurize the PI Network price below the $0.1 level, the daily chart could create a fresh lower high and continue the prevailing downtrend.
