The Pi token initially surged to nearly $3 after its mainnet launch in February. It then began a sharp sell-off to its current level of $0.7925, costing investors billions of dollars.

There are three main reasons why Pi Network’s price has fallen so sharply this year. First, despite its successful mainnet launch, most mainstream exchanges have not listed it.

The biggest surprise is Binance, the industry’s largest cryptocurrency exchange. More than 85% of Binance’s poll respondents supported listing the coin in February.

Other popular exchanges, such as Coinbase, Bybit, Kraken, and Upbit, have also not listed Pi Network. Bybit’s CEO has argued that Pi Network is a scam, allegations that the developers have denied.

On the positive side, some of these exchanges are likely to list tokens later this year. Pi has become one of the largest cryptocurrencies, with a market capitalization of over $8 billion.

Listings on these exchanges will help push prices higher. For example, the Orca token price increased by over 200% after being listed on Upbit, South Korea's largest exchange.

The price of Pi Network has also fallen sharply due to future dilution as the number of tokens unlocked increases. Data shows that millions of dollars worth of Pi tokens will be unlocked each month, with over 1.6 billion tokens set to be unlocked in the next twelve months. Unlocked tokens dilute existing holders.

Furthermore, the price of Pi has fallen sharply due to the collapse of the cryptocurrency market. Bitcoin (BTC) and most altcoins have fallen sharply in the past few months as concerns about Donald Trump's tariffs persist.

Pi Network Price Analysis

The four-hour chart shows that Pi Network price has been falling sharply over the past few weeks as buyers remain on the sidelines.

On the positive side, there are signs that the sell-off is losing momentum. This explains why the Average Directional Index, or ADX, has dropped to 15 from a high of nearly 60 last month. The ADX measures the strength of a trend.

Furthermore, the BBTrend indicator has formed a bullish divergence pattern. This indicator measures the spread of the upper and lower edges of the Bollinger Bands.

All this comes as the two lines of a falling wedge pattern near their confluence. The wedge is one of the most bullish reversal patterns in technical analysis.

As such, Pi is likely to see a strong upside breakout in April, with the next price to watch being $1.7980, a 127% increase from current levels.