Pi Network Price Drops 3% Despite Kraken Pro Futures Launch

On May 23, Kraken Pro introduced
perpetual futures trading, marking a significant milestone for the as it entered major exchange futures trading with up to 20x leverage. This development signifies the Pi Network's first major futures trading availability on a leading exchange, representing an important step for the project’s institutional recognition.Despite the optimism generated by the Kraken listing, the price of Pi Network has remained subdued. The token currently trades around $0.78, representing a 3% decline over the past 24 hours. This price point is down 27% from the target $1 mark, indicating a lack of bullish momentum. The price decline comes even as the Pi Network continues to expand its ecosystem infrastructure, with over 60 million users and 19 million verified KYC accounts across its platform.
Technical indicators present a complex picture for Pi Network’s price outlook. The token remains locked in a narrowing range beneath a descending resistance line between $0.73 and $.78. Chart analysis reveals an emerging descending triangle formation, which often precedes a directional breakout, though the direction remains uncertain. The Sharpe Ratio currently sits at -6%, indicating some bearish momentum but not enough to trigger a full market reversal. MACD indicators continue showing bearish signals with persistent red bars, suggesting downward pressure may continue in the near term. Most hourly indicators remain bearish, with the RSI showing weakness and volume failing to support any meaningful price moves.
Pi Network’s Open Mainnet officially launched in February and continues expanding. The ecosystem now hosts over 25 decentralized applications with more in development. Users can activate Pi wallets and engage in app-based transactions. The network allows the gradual migration of mined Pi coins to the mainnet for real-world usage. The Pi Core Team announced plans to allow conversion of Fireside tokens into Pi coins, which could influence supply dynamics and impact future price movements.
Recent reports allege that 12 million tokens were sold from insider-controlled wallets, contributing to a 50% price crash earlier this month. The network expanded from three to 23 global validator nodes, though critics argue that control remains heavily concentrated among the core team members. Pi Network faces ongoing criticism regarding transparency and decentralization, with many investors remaining uncertain whether price movements reflect genuine demand or artificial controls.
Key resistance levels sit at $0.87, with potential targets at $0.96 and $1.20 if momentum improves. A breakout above $0.78 could confirm bullish momentum toward the $1 target. Support levels remain at $0.71, where the price could retreat if bearish pressure continues. The 27% gap to $1 represents a psychological barrier for many investors. Kraken Pro’s futures launch provides Pi Network with increased legitimacy and trading infrastructure for institutional participants.

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