Pi Network price breaks out of falling wedge as devs reveal mainnet v22 upgrade details

Pi Network price rallied 8% on Friday as developers revealed a hard deadline for the Pi Network mainnet upgrade to version 22.

According to data from crypto.news, Pi Network (PI) price rose to a three-week high of $0.182 on Friday, April 17, before stabilizing around $0.180 at the time of writing.

The token rallied after developers at Pi Network revealed that the mainnet would be upgraded to Protocol 22 on April 27. The team also advised node operators to update their software to the latest version by the deadline to remain connected on the network.

For the uninitiated, the Protocol 22 update introduces vital structural improvements and a dual interface system that combines a node interface with a desktop Pi App. Such a setup will finally allow the Pi community to manage balances, use chat functions, and explore ecosystem features directly from their computers.

Additionally, node operators can now install the core blockchain component to participate in network validation. The Core Team explained that this rollout will occur in phases, starting with a selection stage to evaluate node reliability and connectivity. Full participation in this phase requires mandatory KYC compliance.

This transition follows closely on the heels of the Protocol 21 update from earlier this month, which also required a mandatory migration for operators.

While the Protocol 22 update goes live on April 22, it is primarily viewed as a bridge to the upcoming V23 upgrade. The final iteration is expected to introduce full smart contract functionality, allowing developers to build decentralized applications directly on the Pi blockchain.

On the daily chart, Pi Network price has broken out of a falling wedge pattern formed of two descending and converging trendlines. A breakout from such a pattern often leads to a bullish reversal as the buying pressure finally overcomes the exhausted selling trend.

Technical indicators seem to portray that the bulls are firmly in control of the current momentum. Notably, the Aroon Up indicator is sitting at 92.86% while the Aroon Down has plunged to 0%, which is a clear sign that a new uptrend has begun and the previous bearish cycle has completely dissipated.

Meanwhile, the Chaikin Money Flow index has climbed to a reading of 0.23, suggesting that significant capital is flowing into the asset as traders position themselves for the mainnet upgrade.

For now, the next immediate target for the token price lies at $0.204, which represents a major psychological barrier and a recent local high.

On the contrary, a drop below $0.163 would invalidate the current bullish thesis and could lead to a deeper correction as the network awaits further fundamental developments.