As of September 2025, the Pi Network is gaining renewed attention within the cryptocurrency community. Major upgrades and institutional developments – most notably the v23 protocol upgrade, improvements in node functionality, and the launch of a trading platform linked to Pi in Europe – are generating both optimism and caution among traders. Could these stimulating factors ignite a rally for the PI coin? Let’s analyze what is happening, what to watch for, and what it might mean for the price.

What's new in September: upgrades and institutional movements

1. v23 Protocol Upgrade

The Pi Network protocol update version 23 is one of the most anticipated events this month. Among its core features:

Support for smart contracts without intermediaries, providing developers with the necessary tools to build decentralized applications (dApps) directly on the Pi chain.

Support for Linux nodes, along with current compatibility with Windows and macOS systems, expanding participation in node operation and should aid in achieving decentralization.

Integrated KYC, meaning that identity verification has become more integrated with the protocol, improving regulatory compliance.

2. Launch of ETP in Europe

In parallel with version 23, institutional exposure is increasing. Valour Funds has launched an exchange-traded product (ETP) linked to Pi on European exchanges, providing structured exposure for investors in ETP form.

3. Reducing sell pressure and unlocking tokens

Token unlock events have pressured the PI index in recent months. However, recent analyses indicate that token unlocks in September are lower than in previous months, which may alleviate one of the key counteracting factors to the decline.

Current prices and market metrics

As of today, the PI coin is trading at around $0.3666 / PI on Binance, according to Binance's live pricing page.

CoinGecko confirmed similar price movements, with PI trading in the $0.37 range, reporting a market cap approaching $3 billion with daily trading volume in the tens of millions.

Will these developments lead to a bullish breakout?


The combination of technical upgrades and institutional adoption paves the way for a potential breakthrough. Here’s how and where that could happen, and when to be cautious.



Bullish catalysts


Performance improvements:

Smart contracts + Linux nodes + integrated KYC = A more user-friendly, compliant, and easy-to-use network for developers. This contributes to attracting more projects, which may increase usage and demand.

Institutional demand through ETFs:

These funds often serve as a bridge for capital from traditional finance. The Valour ETF allows exposure without the need for direct participation in the exchange, attracting more investors who avoid risk.

Potential decrease in sell pressure:

A decrease in token unlocks means less forced selling. If this aligns with rising demand, the price may test resistance levels.

Risks and bearish scenarios


Token unlocks and sales: Even if they are lower than before, upcoming unlocks can still trigger supply shocks or entice early holders to sell.

Regulatory or operational delays: Implementing "Know Your Customer" standards at the protocol level, launching smart contracts, and maintaining node support – all are complex matters. Delays or errors could negatively impact user confidence.

Liquidity and volume constraints: The PI index is still far from the highest liquidity level compared to major altcoins. Large orders or sentiment fluctuations could lead to sharp declines before rising.

Technical resistance and price potential

If the bullish momentum continues, PI may attempt to break through resistance levels around $0.40-$0.42. On the positive side, broader adoption could push PI towards $0.50 or more, especially if institutional flows increase and developers begin launching useful decentralized applications.

However, if demand retreats or unlock pressure returns, PI could retreat towards $0.30 to $0.35, possibly lower if overall crypto sentiment deteriorates.

What to watch

To assess whether a breakout is likely, traders and investors should monitor:

On-chain metrics: Number of smart contracts deployed, node participation (especially Linux nodes), and KYC completion rates.

Trading volume and order flow: Are buying opportunities increasing? Is trading volume rising with the upticks?

ETF fund flows: Data on how much capital is flowing into ETFs in Europe.

Unlock schedule: Exact dates and amounts of tokens that are unlocked, and whether large holders will begin to offload.