Kraken Listing Sparks Momentum—But Price Stalls

While the listing has stirred optimism, price action remains muted, and technical indicators paint a mixed picture.

The Pi Network Coin price is showing little reaction to the listing of PI perpetual futures on Kraken Pro. The futures, which offer up to 20x leverage and support more than 40 collateral assets, mark one of the first instances where PI has become available for active futures trading on a leading exchange.

This development has sparked optimism among members of the Pi Network community, especially as it follows a recent 50% price crash and 12 million token sell-off that was attributed to insider activity.

However, technical indicators are mixed, and analysts suggest that traders may need to brace for more sideways action and volatility in the near term.

Pi Coin Price Stalls Despite Kraken Listing

On May 23, Kraken Pro quietly launched perpetual futures trading for Pi Network’s native token, PI, beginning a new chapter for the project and its massive user base.

Perpetual futures for $PI are now live, offering up to 20x leverage, according to the Pi Core Team.

This move expands on Kraken’s existing spot trading pair for PI, which was launched in December 2023 and allows for the exchange of PI against seven other cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).

The introduction of futures with leverage is significant as it marks one of the first mainstream instances where PI has become available for active trading on a major exchange.

However, despite this development and the anticipation among the Pi community, the crypto price has yet to sustain any rally. After briefly touching $1.60 earlier in May, PI has since pulled back to the $0.76 region, where it encountered sellers once again.

Over the past 24 hours, PI showed a 3% decline, slipping below key psychological support at $0.80. Daily trading volume has also decreased sharply, falling by over 60% from recent highs, indicating reduced momentum.

Technical Outlook: R

Chart analysis shows PI coin locked in a narrowing range beneath a descending resistance line. According to the latest data, the token is consolidating between $0.73 and $0.78, with an emerging descending triangle formation hinting at a potential breakout.

A breakout above $0.79 could confirm bullish momentum and pave the way for a move toward the $1 mark.

If the Pi crypto price can push above the $0.78 resistance and confirm the move with volume, bulls may eye short-term targets at $0.84 and $0.96. Analysts suggest a further breakout could extend to $1.20 or even $1.57—provided broader crypto market sentiment improves.

However, caution dominates the current mood. “Most hourly indicators are bearish,” one technical analyst noted, citing a weakening RSI and bearish MACD crossover. “Unless bulls return with volume, the bias leans toward continued sideways action or a drop below key support.”

Ecosystem Milestones Could Drive Pi Network Coin Value

Beyond price charts, the Pi Network continues to make progress with its Open Mainnet, which officially launched in February. With over 60 million users and 19 million verified KYC accounts, Pi is steadily expanding its decentralized app ecosystem, now home to over 25 dApps.

Users can activate Pi wallets, engage in app-based transactions, and gradually migrate mined Pi coins to the mainnet. These developments have laid the foundation for real-world use of the Pi currency and could play a vital role in supporting Pi cryptocurrency value over time.

“Pi’s long-term success depends on its ability to build a thriving, decentralized ecosystem,” said a spokesperson close to the project. “That means real applications, actual transactions, and a growing community of developers.”

The team has also announced plans to allow the conversion of Fireside tokens into Pi coins and to migrate larger volumes of Pi to the mainnet—a move that could influence supply dynamics and thus impact the Pi token price.

Centralization Concerns and Insider Activity Raise Eyebrows

Despite its growth, Pi Network faces criticism over transparency and decentralization. Recently, 12 million tokens were reportedly sold from insider-controlled wallets, contributing to a 50% price crash earlier in May.

Additionally, despite expanding from three to 23 global validator nodes, critics argue that control of the Pi Network Coin remains heavily concentrated in the core team’s hands. This has dampened enthusiasm among institutional and retail investors.

“There’s still a trust gap,” one industry analyst said. “Many investors are unsure if the Pi currency value is being driven by real demand or artificial controls.”

What’s Next for Pi Coin Price?

Short-term predictions remain mixed. While some outlets such as CryptoNews forecast a moderate climb to the $1.00-$1.35 range by year’s end, others like CoinDCX take a more bullish stance, projecting highs of up to $6.20—assuming strong development progress and favorable market