The price of Pi Network’s native token has continued to slide, diverging from the broader crypto market’s rebound led by Bitcoin and other altcoins. As of Wednesday, Pi coin plummeted to $0.78—its weakest since February 2022—marking a steep 74% fall from its peak. This price collapse has dragged the project’s market cap down from nearly $20 billion to just $5.35 billion.

What’s Fueling the Decline?

One of the biggest pressures on Pi’s value is the lack of listings on major crypto exchanges. Despite its recent mainnet launch, top platforms like Binance, Coinbase, and Upbit have yet to list the token. These absences limit exposure to critical user bases, including the vast American market and crypto-enthusiastic South Korea. Currently, trading is mostly limited to exchanges like OKX, Gate.io, and Bitget.

Investor interest is also waning. Daily trading volumes have dropped significantly, from over $1 billion earlier in the year to just $300 million now, according to CoinGecko.

Another point of concern is the coin’s tokenomics. Data from Pi Scan reveals a highly centralized token supply, with the Pi Foundation controlling the majority of both circulating and locked coins—wallets under its control hold approximately $50 billion worth of Pi. This level of centralization has made many investors uneasy.

Moreover, fears surrounding upcoming token unlocks have triggered panic selling. Over the next year, 1.6 billion new Pi tokens are expected to enter the market, further increasing supply and diluting value.

Technical Outlook

From a technical standpoint, Pi remains under strong selling pressure. On the four-hour chart, it has consistently traded below the 25-period moving average. Indicators like the Elder-Ray index (or bull-bear power) and MACD both remain in bearish territory. The Relative Strength Index (RSI) has also dipped into oversold territory, suggesting extreme bearish sentiment.

Despite the grim outlook, there’s a sliver of hope. Pi coin has formed a falling wedge—a technical pattern often associated with potential reversals. If this plays out, a short-term rally could push the price back to resistance near $1.80, representing a possible c. 125% gain from current levels.

Still, any sustainable recovery will likely depend on broader adoption, exchange listings, and improved investor confidence.