Pi Coin (PI) has emerged as one of the week’s strongest performers among the top 100 market-cap projects, outpacing legacy names such as Bitcoin, Ethereum and XRP. According to CoinGecko, PI climbed 33.1% over the past week, 39.7% on the 14-day chart and 61.6% over the last month.
The most recent rally follows a flurry of project updates. Pi Network announced on its official X account that it will deploy the third step of its Mainnet protocol upgrades on March 12, 2026. The project has warned that all Mainnet nodes must complete this step by the deadline to remain connected to the network—a deadline that likely boosted investor interest and confidence.
However, the gains come with important caveats. Despite the short-term surge, PI remains deeply underwater over longer timeframes: the token is down approximately 83.3% since March 2025 and more than 92% from its all-time high of $2.99 reached in February 2025. With broader markets in a risk-off stance—driven by macroeconomic uncertainty, geopolitical tensions and falling liquidity—there is a meaningful chance the recent rally could reverse as traders take profits or rotate into lower-risk assets.
On the technical/near-term front, market trackers are cautious. CoinCodex analysts expect a sharp pullback, forecasting PI could slide to $0.1608 by March 20—a drop of about 30.36% from current levels.
Bottom line: the March 12 protocol upgrade appears to be powering PI’s upside for now, but persistent bearish macro forces and heavy historical drawdowns leave the token exposed to a rapid correction. Investors should weigh the update-driven momentum against the broader market backdrop and do their own research before positioning.
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