DISTANCE EDUCATION OF
Around that piston will be an air seal that "crunches" between the side of the piston and the inside of the cylinder barrel, effectively stopping air from flowing by (bypassing) the piston.
In time that seal will wear, and air will start bypassing into the other side. This means that this air now has an open path from the supply side down the other air line to the valve, and thence to the exhaust port. And a gentle (or not so gentle) hiss occurs as your compressed air dollars exhaust to atmosphere.