Pi Network has completed a major protocol update that brings it even closer to launching full smart contract capabilities on the network.

In an April 14 X post, the Pi Network team revealed that the Pi mainnet has successfully been upgraded to version 21, which introduces several critical performance enhancements.

This milestone is part of a series of strategic improvements intended to expand the ecosystem’s functionality. The most important one will be the introduction of smart contracts to the network, which will enable developers to build decentralized applications in a more efficient and scalable manner.

As such, the Pi team urged node operators to update their systems to the latest software version immediately. It also promised to share more details regarding the upcoming version 22 update soon, which is expected to further refine the network infrastructure.

Another major development shared by the development team is the launch of an RPC server on the Pi Testnet. This tool will enable developers to build, test, and deploy smart contracts before they go live on the main network. Besides this, it will also enable smoother integration with third-party wallets and analytical tools.

Once fully implemented, the upgrade will make Pi Network a direct competitor to other popular chains such as Ethereum or Solana, with the aim of boosting Pi token utility over time as new applications continue to be built on the network.

Pi Network price analysis

Pi Network (PI) price initially rose slightly higher to $0.167 on the day before paring off with all of its gains and settling at $0.165 at the time of writing. The token has been in a steady downtrend since late March, during which it fell by approximately 15%.

On the daily chart, Pi Network price has formed a descending triangle, a highly bearish pattern, over the past month. It confirmed a bearish breakout from the pattern as it fell below the lower horizontal trend line at $0.166.

Hence the path of least resistance for Pi Network price suggests a move downwards towards the Feb. 11 low of $0.131.

Momentum indicators such as the MACD and RSI strongly support the bearish forecast as they pointed downwards, suggesting that selling pressure remains dominant for now.