Pi Network (PI) surged by 7% today, March 20, 2026.Trading volume of the token has also increased by 23%.This rally has been observed ahead of a huge token unlock, scheduled for today.Pi Network’s Pi token has climbed around 7% today, March 20, 2026. With this surge, the price of the token is hovering around $0.185. With this blow up, the Pi coin has outpaced the broader crypto market’s 1.23% gain, amid excitement for the v21 protocol upgrade.At press time, the price of the token stands at $0.1871 with an uptick of 7.45% in the last 24 hours as per CoinMarketCap.Pi 24-hours chartThis rebound has come after a week where Pi was struggling. The Pi coin price dropped down nearly 50% from its five-month high of around $0.30. This correction followed its much-anticipated listing on Kraken on March 13, 2026, which initially triggered heavy profit-taking.Record Token Unlock EventWhat makes this rally interesting is nothing but the timing. This rally is in alignment with the largest daily token unlock PI has seen in recent history.Today, March 20, 2026, approximately 16 million Pi tokens, which are worth $3 million will enter circulation according to Pi Scan. When such a large amount of tokens enter circulation, they typically apply a downward pressure on the prices.Approximately 16 million Pi tokens will be unlocked today, March 20, 2026 as per Pi ScanHowever, instead of waiting on the sidelines, traders appear to be positioning early. The price action indicates that the market may already be pricing in the unlock, or at least anticipating that demand could absorb the additional supply without disrupting the price of the token.This shift in behaviour is also an indication of the fact that the confidence within the Pi token is increasing.Key Catalysts Driving the SentimentOne of the major factors that is actually supporting this rally is due to the announcement of the upcoming v21 protocol upgrade. The Pi core team posted on X and informed the users that the project has completed rollout of Protocol 20, which allows foundational smart contract capabilities. Along with this announcement, the team also hinted about the next phase of the ecosystem development, where the team dropped hints about v21 upgrade.The Pi Mainnet has successfully upgraded to Protocol 20, laying the foundation for supporting smart contracts. Node operators, please ensure your systems are up to date and stay tuned for instructions regarding the upcoming v21 upgrade.— Pi Network (@PiCoreTeam) March 19, 2026Simultaneously, technical indicators also support the move. After the steep post-listing decline, PI entered oversold territory, creating conditions for a rebound. The recent uptick is backed by an increase in trading volume. According to the above chart, the trading volume of Pi token has increased by 23.07% in the last 24 hours.This increase in trading volume also indicates that the move is not purely speculative but supports the fresh inflows as well. Broader sentiment has also been influenced by ongoing development such as node software preparation and ecosystem expansion efforts.Technical OutlookFrom a price structure perspective, PI has stabilized above $0.17 support zone, which has acted as a reliable base in recent sessions. On the bright side, $0.20 remains as the immediate resistance level.A decisive breakout above this range could open the path toward $0.23, aligning with key retracement levels from the recent high.If the price fails to hold $0.17, it may fall back to lower support, which is set around $0.15. The behaviour around these levels will likely determine whether the current move develops into a sustained recovery or remains a short-term bounce driven by positioning ahead of the unlock.Broader Context and RisksPi’s current phase is similar to early-stage blockchain cycles, where upgrade anticipation drives speculative activity, as seen with Solana. Near-term risks include volatility from the upcoming token unlock, exchange uncertainties, and validator onboarding. Holding above $0.17 could lead to a $0.20 retest, with v21 upgrade momentum guiding further gains.Also Read: Pi Network Price Dips Below $0.18 Despite Signs of Market Recovery