Pi Network (PI) Price: Kraken Futures Launch Fails to Spark Rally Toward $1 Target

TLDR

Table of Contents

Pi Network (PI) trades at $0.78, still 27% below the $1 target, with weak bullish momentum stalling further gains
Kraken Pro launched PI perpetual futures trading with 20x leverage on May 23, marking a major exchange milestone
Technical indicators show bearish signals with MACD red bars and Sharpe Ratio at -6%, far from reversal levels
Price must break $0.87 resistance to invalidate bearish outlook and move toward $1, otherwise may drop to $0.71 support
Pi Network faces centralization concerns after reports of 12 million tokens sold from insider wallets, contributing to earlier 50% crash

Pi Network has reached a major milestone with Kraken Pro’s launch of perpetual futures trading for its native PI token. However, the price remains stuck well below investor expectations.

$PI @PiCoreTeam perpetual futures now live with up to 20x leverage 🔥
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— Kraken Pro (@krakenpro) May 23, 2025

The cryptocurrency trades at $0.78, representing a 27% gap from the psychological $1 barrier that many investors view as crucial. Despite the Kraken listing on May 23, PI has failed to sustain any meaningful rally.

The Kraken Pro listing offers up to 20x leverage and supports more than 40 collateral assets. This marks one of the first instances where PI became available for active futures trading on a leading exchange.

Yet price action tells a different story. After briefly reaching $1.60 earlier this month, PI has retreated and currently hovers around $0.76. The token dropped nearly 3% over the past 24 hours.

Daily trading volume has also declined sharply. Volume fell over 60% from recent highs, suggesting reduced momentum among traders.

Technical Indicators Paint Bearish Picture

Chart analysis reveals PI locked in a narrowing range beneath a descending resistance line. The token consolidates between $0.73 and $0.78, forming what appears to be a descending triangle pattern.

The Sharpe Ratio currently sits at -6%, indicating bearish momentum. This level remains far from the -19% threshold that historically signals temporary bottoms before price surges.

MACD indicators show persistent red bars with a continuing bearish crossover. This pattern suggests PI’s price may remain under downward pressure in the near term.

Most hourly indicators lean bearish, with analysts citing weakening RSI and bearish MACD signals. Without volume returning to support bulls, the bias tilts toward continued sideways action or potential drops below key support levels.

For PI to reverse its bearish outlook, the price must break above $0.87 resistance. This breakout would bring the altcoin closer to $1 and could invalidate current negative sentiment.

Network Growth Continues Despite Price Struggles

Beyond price charts, Pi Network continues expanding its ecosystem. The Open Mainnet officially launched in February, serving over 60 million users.

The network has 19 million verified KYC accounts and hosts over 25 decentralized applications. Users can activate Pi wallets and engage in app-based transactions while gradually migrating mined coins to the mainnet.

The team announced plans to allow conversion of Fireside tokens into Pi coins. They also plan to migrate larger volumes of Pi to the mainnet, which could influence supply dynamics.

Pi Network expanded from three to 23 global validator nodes. However, critics argue that control remains heavily concentrated with the core team.

Recent reports allege 12 million tokens were sold from insider-controlled wallets. This activity contributed to a 50% price crash earlier this month.

These centralization concerns have tempered enthusiasm among both institutional and retail investors. Many question whether Pi currency value reflects real demand or artificial controls.

Technical analysts suggest a breakout above $0.79 could confirm bullish momentum. Short-term targets would then include $0.84 and $0.96, with potential extension to $1.20 or $1.57 under favorable market conditions.

However, failure to break resistance could lead to a pullback toward $0.71 support. This would indicate growing investor caution about PI’s near-term prospects.

Price predictions remain divided across the cryptocurrency community. Some outlets forecast a moderate climb to $1.00-$1.35 by year’s end, while others project much lower ranges between $0.30-$0.40.

The network’s ability to prove long-term utility will likely determine whether PI can sustain any future rally toward $1 and beyond.

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