PI Shows Early Signs of Life as Traders Watch for a Bounce

Pi Network is showing some life after a few days of quiet trading. The token posted small gains on Friday, signaling that the intense selling pressure seen earlier this month might finally be cooling off. While the overall trend is still leaning toward the downside, traders are starting to pay attention again.

Derivatives data shows that interest is creeping back into the market. Open Interest rose to over 10 million dollars on Friday, climbing steadily from lows seen earlier in the week. This shift suggests that speculative traders are beginning to position themselves for a possible move upward, even if their current conviction remains cautious.

Technically, the picture is quite interesting. The Relative Strength Index is sitting at 17, which puts the token deep in oversold territory. This often indicates that the selling has gone too far and that a relief rally could be on the horizon. Additionally, the upcoming Stellar Protocol version 25 upgrade scheduled for July 22 adds another layer of interest for the ecosystem.

Keep an eye on the 0.06793 level, which serves as a critical support point. If the price holds steady here, the token might aim for initial resistance targets near 0.096. However, it will take a much stronger push to flip the broader bearish trend, so expect some choppy action until clear resistance levels are broken.