Pi Network’s $1 Dream Stalls: Kraken Listing Fails to Spark Price Breakout

Another day, another crypto ’moon mission’ stuck on the launchpad.

Despite the hype around Pi Network’s Kraken debut, the token can’t seem to crack the elusive dollar mark—proving once again that exchange listings alone don’t magically create value (much to the dismay of bagholders everywhere).

Here’s why the ’people’s crypto’ keeps tripping over its own ambitions.

TLDR

• Pi Network (PI) currently trades at $0.78, still 27% below the $1 target price despite modest monthly gains
• Kraken Pro launched PI perpetual futures trading on May 23 with up to 20x leverage, marking entry into the U.S. market
• Technical indicators show bearish momentum with MACD displaying red bars and Sharpe Ratio at -6%
• Trading volume dropped over 60% from recent highs after PI briefly reached $1.60 earlier this month
• Pi Network faces centralization concerns after reports of 12 million tokens sold from insider-controlled wallets

Pi Network has reached another milestone with Kraken Pro’s launch of perpetual futures trading for its native Pi token. The listing offers up to 20x leverage and support for over 40 collateral assets.

Despite this development, Pi Price action remains subdued at $0.78. The token is still 27% away from the psychological $1 barrier that investors eagerly anticipate.

On May 23, Kraken Pro officially listed PI perpetual futures. This marks one of the first instances where PI became available for active futures trading on a leading exchange.

The Pi Core Team announced the listing across social media platforms. The development represents PI’s official entry into the U.S. futures market.

$PI @PiCoreTeam perpetual futures now live with up to 20x leverage 🔥

Why choose Kraken Pro futures:

☑️ 40+ collateral options
☑️ 360+ markets

Open PI perp 👇 https://t.co/NHHpKobugb

*geo restrictions apply pic.twitter.com/aiJrJRbxW4

— Kraken Pro (@krakenpro) May 23, 2025

However, the price failed to sustain any meaningful rally following the announcement. PI briefly touched $1.60 earlier this month before retreating to current levels.

Daily trading volume has dropped sharply by over 60% from recent highs. This suggests reduced market momentum despite the Kraken listing.

The token is currently down nearly 3% over the past 24 hours. Market participation appears muted compared to earlier enthusiasm.

Technical Analysis Shows Mixed Signals

Chart analysis reveals PI locked in a narrowing range beneath a descending resistance line. The token is consolidating between $0.73 and $0.78 support levels.

An emerging descending triangle formation hints at a potential breakout scenario. A MOVE above $0.78 resistance could confirm bullish momentum toward the $1 mark.

Most hourly indicators currently show bearish trends. Technical analysts cite a weakening RSI and bearish MACD crossover as concerning signals.

The MACD displays persistent red bars indicating downward pressure. This pattern suggests PI’s price may remain under pressure in the NEAR term.

The Sharpe Ratio sits at -6%, far from the -19% level historically associated with price reversals. This indicates bearish momentum is strengthening but not yet at reversal levels.

Breaking the $0.87 resistance level remains crucial for trend reversal. Failure to break this level may lead to a pullback toward $0.71 support.

If bulls return with volume, short-term targets include $0.84 and $0.96. A further breakout could extend to $1.20 or $1.57 depending on broader market sentiment.

Ecosystem Growth Continues Despite Price Struggles

The Pi Network continues expanding its Open Mainnet ecosystem launched in February. The platform now hosts over 25 decentralized applications.

Pi Network boasts over 60 million users with 19 million verified KYC accounts. Users can activate Pi wallets and engage in app-based transactions.

The team plans to allow conversion of Fireside tokens into PI coins. They also aim to migrate larger volumes of PI to the mainnet.

These developments could influence supply dynamics and impact future token pricing. Real-world use cases are gradually emerging within the ecosystem.

However, centralization concerns continue to cloud the project’s prospects. Recent reports allege 12 million tokens were sold from insider-controlled wallets.

This activity contributed to a 50% price crash earlier this month. The revelation has dampened investor confidence in the project’s decentralization claims.

Despite expanding from three to 23 global validator nodes, critics argue control remains concentrated. The CORE team maintains heavy influence over network operations.