Pi Network is showing signs of resilience as bulls try to defend the $0.74 support level. While a return to $1 appears achievable, challenges like project-specific hurdles may delay this milestone. 8% gains in the last 24 hours have boosted Pi Coin (PI) price from $0.84 to $0.90, with daily trading volume surging over 150%. This surge comes after a nearly 50% plunge from May 12 to May 17 which saw the price drop below $0.69. Despite this recent recovery, it still lags behind its all-time high of $2.99 set in February by 77%. The market is showing cautious optimism as technical indicators suggest a potential upward reversal. While technical factors like the relative strength index remain in a neutral range at 54, with momentum indicators exhibiting some weakness, bullish signals like the Awesome Oscillator and Average Directional Index also offer hope. However, several obstacles stand in the way of Pi’s price reaching $1. These include challenges stemming from the mainnet migration and Know Your Customer (KYC) verification delays. Millions of users are still facing hurdles accessing their funds due to these issues, especially in China. Adding to the complexity is the token’s lack of listings on major exchanges like Coinbase or Binance and low market depth. While community voting for a Binance listing remains positive, the token has yet to be listed. Despite recent gains, Pi Network continues to grapple with the challenges presented by insufficient decentralized finance applications (DeFi) and lack of utility. A rally to $1.35 before the announcement of the $100 million Pi Network Ventures fund on May 14 reversed, illustrating how fragile sentiment can become without real-world use cases. The token’s upcoming unlock schedule for over a year could increase selling pressure unless balanced by token burns or increased demand. Regulatory uncertainties, insider selling concerns and the risk of centralized control further complicate matters. If buyers sustain support near $0.74 and break through resistance at $0.90, a move towards $1 is possible, especially if trading volume remains strong or a major listing or burn event occurs. However, if momentum fades and structural issues persist, Pi’s price could fall below the crucial $0.74 support level and trigger another downward trend with potentially significant pressure from the upcoming token unlock schedule.