Such market activities are expected for a coin that has been around for a very long time and before the recent listing they have been huge engagement from its mining community which has grown so much since it was a mobile-based mining thing, and aside from that their hard a lot of airdrop that draw support from all over to the coin and that alone is enough to keep the market in this current state of trying to break out and falling back, but we can't predict if the pi coin will pass it last all-time high of $3.
Breaking a new ATH seems quite difficult, it's the responsibility of developers to provide more complex use cases to make more official adoption. So far, with a price of around $1.78, Pi (PI) is ranked #11 on Coinmarketcap. So, for now, there's not much we can expect from the token's price performance. FYI, Pi (PI) only needs to double their market cap to surpass the market cap of Tron (TRX), didn't expect Pi (PI) to be this big.
I think at this point the developers are done with ideas and what is remaining right now is to grow community support just like the dogecoin team did increasing community engagement is going to help pi coin to at least remain in the limelight even though the price may not increase so significantly above the last all-time high but the trading volume of PI will always keep increasing since the project already have a large army of supporters.