Despite a steep price decline since its launch in February, Pi Network (PI) is showing signs of potential resurgence. The token, currently hovering near its all-time low, might be on the verge of a significant bullish breakout due to a forming falling wedge pattern and increased scarcity of supply.
The recent price crash can be attributed to several factors: increasing supply resulting from daily token unlocks after mainnet launch; a lackluster ecosystem with limited acceptance by retailers; and the absence of an active ecosystem, as well as the failure to secure popular app development partnerships despite multiple initiatives like Pi AI Studio and Pi App Studio. Additionally, major cryptocurrency exchanges such as Upbit and Coinbase remain unlisted, adding to the uncertainty surrounding the token’s availability.
The technical chart analysis suggests a bullish breakout could occur as a falling wedge pattern forms on the daily chart, potentially leading to a price surge of up to 150%. This is further supported by narrowing Bollinger Bands and increased convergence of trendlines, signifying a potential reduction in volatility.