#PI# Pi Network (PI) has been unable to return above $0.50 for a while, and today (17th) it is temporarily reported at $0.4417 in early European trading. The decline of Pi coin is attributed to weak ecosystem growth, increased community user selling, lack of exchange listings, and the permanent unlocking of tokens leading to an increase in supply over time. This article explores some key catalysts that may enhance the value of Pi coin over time. Exchange listings will enhance the main catalyst for driving Pi coin upwards, which is being listed on one or more top exchanges. Pi has currently been listed on several mainstream exchanges such as Gate, but not on all exchanges. Historical experience shows that cryptocurrency prices always soar after being listed on exchanges, although for a short period. For example, Bubblemaps doubled in price after being listed on a major DEX, while Arbitrum skyrocketed 15% after being listed on Robinhood. Many mainstream exchanges have refused to list Pi coin due to its lack of transparency and centralization. Another possible catalyst for increasing the price of Pi coin is the growth of its ecosystem, which would transform it from a ghost chain into a utility token. The developers of Pi Network hope that Pi can become a universal token for settling payments in various fields, including gaming, Decentralized Finance (DeFi), e-commerce, and others. They recently launched Pi AI Studio, hoping it can become a preset platform for building AI applications. Additionally, they have launched other projects such as Pi Domains and Pi Ad Network. However, the reality is that Pi Network is essentially a ghost chain with no mainstream applications. The successful launch of applications will help give it more utility. One suggestion is to move these applications to mainstream app stores rather than relying on the Pi browser. The official should focus on decentralization. The Pi Network is controlled by the Pi Core Team (PCT) and the Pi Foundation, both of which are not well known to most users. The foundation holds over 90 billion tokens, worth billions of dollars, and is not accountable to anyone. A decision to increase its diversification would be beneficial, as it would make it easier for exchanges to list it. It would also allow community members to vote on key issues such as token burning. If the technology works, Pi coin will soar. Finally, if the technical aspects perform well, the token will rise significantly. As shown in the figure below, it has formed a double bottom pattern at $0.4087, with its neckline at the peak in May. The price of Pi coin has also formed a falling wedge pattern, which is a common bullish reversal signal. Therefore, if these patterns are valid, the price of Pi coin will rebound significantly.