Pi Network Update: Significant Change Does Not Spark Positive Market Response

V23 Upgrade Overview: The Pi Network's V23 upgrade, built on Stellar’s Protocol 23, aims to enhance network stability, scalability, and cross-chain compatibility, but the market response has been muted with PI tokens remaining around $0.34.

Market Reaction and Price Trends: Despite the upgrade, Pi tokens are struggling to gain momentum, with bearish indicators suggesting potential price drops to $0.32, while a breakout above $0.36 could lead to a rise towards $0.50–$0.55 if bullish sentiment returns.

Adoption as a Key Factor: The success of the V23 upgrade hinges on user adoption and real utility, as investors are waiting for clarity on tokenomics and the full opening of the mainnet to drive value.

Current Market Sentiment: Traders are cautious and remain on the sidelines, indicating that without significant adoption and confidence, even substantial technical improvements may not impact the market positively.