Pi Coin (PI) is enjoying a fresh upswing, briefly outpacing top-cap names such as Bitcoin, Ethereum and XRP as it climbs the rankings among the top 100 crypto projects by market cap.
According to CoinGecko, PI has gained 5.6% in the last 24 hours, 33% over seven days, 39.7% on the 14‑day chart and 61.6% in the past month. The rally began after the Pi Network team signaled a new protocol milestone: the rollout of Step 3 of Mainnet upgrades, scheduled for March 12, 2026. The project’s official X account warned that all Mainnet nodes must complete this step by the deadline to remain connected to the network — a development that appears to have boosted investor confidence.
What’s happening under the hood
- The Mainnet protocol is in active upgrade mode. Step 3 is framed as mandatory for node operators, which can create short-term demand as participants prepare for the transition.
- The announcement appears to be the primary catalyst for the recent price action, rather than broad market strength.
But the bigger picture remains sobering. Despite the recent pop, PI is still deeply underwater: the token is down roughly 83.3% since March 2025 and more than 92% below its all-time high of $2.99 set in February 2025. That leaves the rally looking like a short-lived bounce within a longer-term downtrend.
Broader market context and risks
- Market risk appetite has been muted since late 2025 amid macroeconomic uncertainty, geopolitical tensions and tightening liquidity — factors that tend to amplify downside when sentiment shifts.
- Given the bearish backdrop, analysts warn that PI’s gains may prove fleeting once the upgrade news fades. Profit-taking and a shift into safer assets could trigger a pullback.
Analyst outlook
CoinCodex is notably bearish, forecasting a steep correction to $0.1608 by March 20 — a drop of about 30.36% from current levels, according to their model.
Bottom line
The Step 3 Mainnet upgrade is a meaningful technical milestone for Pi Network and likely explains the recent inflow, but the token’s severe drawdown from prior highs and the weak macro environment make the move risky. Traders should weigh short-term event-driven upside against the possibility of a significant correction once the catalyst passes. This is not financial advice; do your own research.
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