The main factors stopping $PI (Pi Network) from hitting $5 are a combination of limited exchange access, oversupply, lack of real-world utility, market skepticism about its tokenomics, and the need for major catalysts such as large-scale adoption or listings on major exchanges.

Key barriers:

Lack of Major Exchange Listings: PI is not yet tradable on top-tier exchanges like Binance or Coinbase. Most optimistic price projections ($3–$5 and beyond) are based on the assumption that such listings will occur and bring both liquidity and price discovery. Until then, trading remains fragmented and often at low volumes, making sharp rises unlikely.

Oversupply and Token Distribution: Huge supply from years of mining is a persistent issue. Economic fundamentals (supply vs. demand) mean that unless supply is tightly controlled or massive demand is created through utility, price increases are very difficult. Community forums actively debate this dilution effect.

Utility Is Still Unproven: While PI has a huge user base, actual adoption beyond speculative holding or tiny community transactions remains limited. Most price forecasts warn that without clear, large-scale partnerships and real-world applications, price growth will be hard to sustain.