Why Is PI Network (PI) Price Falling? Potential Breakout?

The Pi Network token (PI) has experienced a consistent 13-day decline, dropping below $1 after briefly recovering above that level on March 13. This decrease is primarily attributed to factors like token unlocks, increased activity on centralized exchanges, and the lack of listings by major cryptocurrency exchanges. This downward pressure has pushed PI down over 20% in the past week, leading it to fall from 17th to 27th in market rankings on CoinGecko. The price decline is reflected in its $6.2 billion market cap, which has lost more than $1.4 billion over the same period.