Pi Network v23 protocol upgrade, European ETP launch! PI coin aims for $0.50.

In September 2025, Pi Network is at the center stage of refocusing in the crypto market. With the v23 protocol upgrade, enhanced Node functionality, and the launch of the first ETP (exchange-traded product) linked to Pi in Europe, traders and investors are closely following: can these technological and institutional catalysts push the PI coin to break through the long-term resistance zone and initiate a new bull run?

Three Key Developments in September

1. Protocol v23 Upgrade

Native support for smart contracts: Developers can directly deploy dApps on the Pi chain without intermediaries.

Linux Node Support: Expand the node operating environment to enhance decentralization and network stability.

Embedded decentralized KYC: On-chain identity verification conducted by multiple trusted external entities, accelerating user onboarding and enhancing regulatory compliance.

2. Europe ETP Launch

Valour Funds has launched a Pi-linked ETP, providing regulated exposure to Pi for traditional financial investors, lowering entry barriers and expanding institutional participation.

3. Selling pressure decreases

The token unlocking volume in September is lower than in previous months, reducing the supply pressure for forced sell-offs, creating space for price stability and upward movement.

Current Market Conditions

Price: 0.3666 ~ 0.37 USD

Market cap: approximately 2.7 billion ~ 3 billion USD

Daily trading volume: tens of millions of dollars

Circulating Supply: 8.04 billion PI

Although there is still a gap from the peak earlier this year, the stable market capitalization and over 12 million mainnet users demonstrate the ecosystem's stickiness and continuous growth.

bullish catalyst

Technical upgrades implemented: The addition of smart contracts and Linux Nodes will attract more developers and applications, driving network activity and demand.

Institutional Capital Bridge: ETP provides European investors with low-threshold participation opportunities, potentially bringing stable incremental capital inflows.

Supply and demand improvement: Decrease in unlock volume + increase in demand may create conditions for a price breakout.

Risk and Bearish Scenario

Unlock Impact: Although the scale has decreased, it may still trigger some early holders to cash out.

Technical and regulatory delays: If the implementation of KYC, smart contracts, and node upgrades encounters obstacles, it will undermine market confidence.

Insufficient liquidity: Compared to mainstream altcoins, the liquidity of PI is still limited, and large transactions may trigger significant volatility.

Technical Aspects and Price Potential

Resistance zone: 0.40 ~ 0.42 USD

Breakthrough target: If the volume supports it, there is hope to challenge 0.50 USD in the short term.

Support zone: $0.30 ~ $0.35 (if market sentiment weakens, a retracement may occur)

Trader Observation Points:

On-chain data: number of smart contract deployments, node activity, KYC completion rate

Changes in trading volume and buy wall

ETP capital inflow scale

Unlocking schedule and large wallet movements

Conclusion

The v23 protocol upgrade of Pi Network and the launch of the European ETP have injected a dual catalyst of technology and capital into the market in September. If the technology implementation goes smoothly, institutional capital continues to flow in, and the unlocking pressure keeps decreasing, the PI coin is expected to break through the resistance area at $0.40 and even challenge $0.50. However, investors still need to be wary of unlocking impacts and liquidity risks, and flexibly adjust their strategies based on on-chain and market data.