Pi Network has entered a stabilization phase after its core development team released Node software version 0.6.2, a technical update deployed following successful distributed computing tests. The token held the $0.0839 support level on Monday, ending two consecutive sessions of declines across major exchanges. That level corresponds to the 78.6% Fibonacci retracement of the $0.1341 to $0.0703 range.
The upgrade is intended to expand node utility beyond basic block validation and lay the foundation for more complex decentralized applications. Pi Network reports that 18 million users have completed KYC verification. The project also announced that starting August 24 it will revise its app creation and editing pricing model, replacing the heavily subsidized 0.25 PI fee with standard prices that more closely reflect underlying AI service costs. The Core Team said it will not add a markup on AI costs, but only creators whose apps demonstrate real utility and usage from distinct users will remain eligible for subsidized pricing, with eligibility reviewed regularly.
Derivatives data suggests cautious positioning. PI futures open interest fell to $8.81 million from $9.12 million at Friday's close, according to CoinAnk, indicating traders are reducing leveraged exposure. Meanwhile, Santiment data shows Pi Network's social dominance ticked up from 0.009% on Saturday to 0.01% on Sunday, while social volume rose from 8 to 12.
On the daily chart, PI remains in consolidation below $0.0900. It previously broke above a descending channel but failed to generate continuation volume. A confirmed breakdown below $0.0839 could drag the price toward $0.0786. The first resistance sits near the psychological $0.1000 level, reinforced by the 50% Fibonacci retracement at $0.1022, with a further target at $0.1190. Momentum indicators show indecision: the RSI is at 45 and the MACD is just above its signal line, leaving a bearish crossover risk if selling pressure intensifies. The broader market backdrop remains defensive, with the Fear and Greed Index at 38.
PI was rejected at $0.09 again on Friday and Saturday and now trades 4-5% below that level. Its market capitalization remains below $1 billion, ranking it as the 69th-largest cryptocurrency.
