What’s holding $PI back right now? Is it lack of interest, weak market conditions, or something else?
That should be a lack of interest. Look at the Pi (PI) project, is there anything new & revolutionary there? Is this project coming like Ethereum with it's smart contracts or Solana with it's PoH?
Investors are afraid to put their money into $PI for that reason, so don't expect much from a project that supposedly doesn't have a good future.
Can $PI reach its ATH again soon? Or is it going to take more time and real progress to get there?
It will never make a new ATH, a garbage project driven by the hype of decrepit people. Don't waste your time, you better go to Bitcoin (BTC) even though it only gives you a small multiplication.