Pi traded around $0.78 in this March 2025 report, down sharply from its earlier high. Prices from the open-network period beginning in February 2025 should not be combined with older exchange IOUs as though they were one continuous market.

What’s Fueling the Decline?

Exchange availability was one concern in the March 2025 discussion. Listings and regional access change, so the absence of a venue then did not establish permanent exclusion from a market.

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.

Expected token unlocks added to concerns about supply. Unlock estimates were forecasts for a particular period; the amount unlocked, the amount transferred to exchanges and the amount actually sold were different measures.

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.