Following a significant drop in its price and a series of uncertainties surrounding its token migration and supply dynamics, the Pi Coin price faces a critical juncture. Can Pi Coin recover from its recent losses in April, or will the Pi cryptocurrency continue its downward spiral?

A Rough March for Pi Coin

Pi Network’s PI token has seen a dramatic decline of over 70% in March, leaving investors anxious and uncertain about its future prospects. As of late March 2025, Pi’s market struggles are primarily linked to a combination of several pressing challenges. One of the biggest hurdles is its ongoing liquidity issues, which have severely limited the token’s ability to gain traction in the broader crypto market. This lack of liquidity is largely due to the limited number of exchange listings, which have prevented Pi Coin from reaching its full market potential.

Pi Network Coin price is under an overall downtrend throughout March. Source: TradingView

Another significant factor contributing to Pi’s recent slump is the upcoming mass-unlocking of tokens. Over 1.6 billion Pi Network tokens, valued at around $1.4 billion, are set to be released into circulation over the next 12 months. This increase in supply is expected to put additional pressure on Pi’s price, potentially causing further price erosion in the short term. With more tokens entering the market, the risk of dilution becomes a real concern, making it difficult for the Pi crypto value to stabilize.

Token Unlocks and Increased Supply

One of the main causes of Pi’s recent dip is the impending unlock of more than 1.6 billion Pi Network tokens within a year. The unlocks, worth around $1.4 billion, will hugely boost the circulating supply, which could undermine the value of the current tokens. From a market analyst’s point of view, this new supply injection can further add to the downward pressure on the price of Pi crypto, which can undermine any short-term gains.

Today’s $PI unlock is under 1 million tokens, reducing selling pressure and potentially boosting demand and price. Source: Moon Jeff via X

Despite these challenges, there is speculation surrounding potential measures like a token burn, which could help alleviate the dilution effects. Some market analysts suggest that if Pi Network takes proactive steps, such as a token burn and securing more exchange listings, the market may experience a resurgence, potentially driving Pi’s price back to levels seen earlier in 2025, when the token reached highs close to $3.00.

Technical Indicators Suggest Hope

Despite the ongoing troubles, there are technical signals that Pi Coin could see a price reversal. A bullish formation known as the “falling broadening wedge” has begun to form in Pi’s price charts, a formation that tends to occur when a breakout is about to happen. If the formation is true to pattern, analysts are projecting Pi to move significantly higher in price, even up to $1.19 by April 2025, which is a 45% hike from its present price.

Pi Network price is still holding above the $0.76 support, igniting hope for a bullish reversal. Source: AcolyteCrypto on TradingView

This potential reversal is supported by indicators such as a rise in buying interest, with the volume histogram now green. The Relative Strength Index (RSI) also indicates that Pi Coin is approaching oversold conditions, which usually comes before a price bounce.

The Importance of Mainnet Migration

Another key development influencing Pi Network’s future is its migration to the mainnet. After a brief pause, the network resumed the migration process in late March 2025. This pause was primarily due to challenges with the previous phone-number-based verification system, which proved inefficient for Pi’s global user base. The network’s shift to email-based verification aims to streamline the process, offering a more secure and reliable method for user identification.

Pi token migration has resumed after a pause for 2FA updates—Pioneers should check their wallets. Source: JK via X

The successful completion of this migration is expected to have a positive impact on Pi’s value as it signifies the project’s progress toward full decentralization and greater ecosystem development. The migration, along with Pi’s transition to more secure verification processes, is seen as a vital step toward future growth.

Looking Ahead: Can Pi Reach $3.5?

Other analysts are still hopeful for the future of Pi Network, with predictions that if Pi is able to maintain key support levels, it can experience a price explosion to $3.5. This will be highly reliant on the successful outcome of the current issues facing Pi, such as the token unlocks and any additional developments within its ecosystem. If the Pi Network continues to expand and become recognized in new sectors, such as real estate, where some companies are already beginning to accept Pi as payment, the popularity of the token might continue, further boosting its price.

Pi Coin price must break above the upper trendline of the current bearish channel (near $1.30) to revive the bullish momentum. Source: DEXWireNews on TradingView

In total, while Pi Coin has suffered significantly in recent weeks, there are several issues that could affect its future worth. Its upcoming mainnet transition, potential token burn, and improvement in liquidity could offer a glimmer of hope for investors. However, the path ahead is unclear, and much depends on how the Pi Network team addresses these burning concerns. As the crypto world continues to evolve, Pi Coin’s price action will be closely monitored, with many hoping for a positive reversal.