Despite the Downturn, Analysts Point to Potential Catalysts—Including a Falling Wedge Pattern and Strategic Token Burns—That Could Drive a Major Price Recovery

Despite the downturn, analysts point to potential catalysts—including a falling wedge pattern and strategic token burns—that could drive a major price recovery. Could these factors ignite a 200% rally for Pi Coin?

The price of Pi Network (PI) has been on a downward trajectory, falling 6.3% over the past day to reach $0.94. The cryptocurrency briefly touched a 24-hour low of $0.91, marking a significant decline from its all-time high of $2.98, which occurred in February following the launch of the Open Network.

As the cryptocurrency market continues to be affected by token unlocks, Pi is also expected to experience a surge in circulating supply over the next 30 days. An estimated 97.65 million PI tokens, currently valued at approximately $93 million, will be unlocked and enter the market.

Among the major cryptocurrency exchanges, Binance is a primary target for listing, with investors eagerly awaiting an announcement. However, despite rumors and speculation, there has been no official confirmation of a Pi Network Binance listing.

The absence of transparency regarding Pi's tokenomics has also sparked concerns among experts. A deep dive into the token's economics reveals that persistent market manipulation and imposed sell restrictions may be deterring major exchanges like Binance from integrating the token.

"The delay in Binance listing might be due to regulatory concerns regarding Pi's circulating supply and locking mechanism, leading to skepticism among exchange executives," explained Dr. Altcoin on X.

Some investors believe that the Pi Core Team's refusal to pay for exchange listing fees might be a factor, but without an official statement, the exact reason remains unknown. Nevertheless, a confirmed listing on Binance or another leading exchange would undoubtedly contribute to a surge in trading activity for Pi Network.

The potential for a significant price rebound for Pi Network depends on several key factors:

If the price drops below the $0.70 support level, we could see a continuation of the downward trend, potentially reaching $0.50 or even $0.10.

On the other hand, if Pi manages to reclaim the $1 mark, we might witness a rally toward $1.20 or a deeper recovery to $2.

As investors keep a close eye on further developments, the coming weeks will be critical in determining the fate of Pi Network. Only time will tell whether the token manages to recover and rise above the current market conditions.