- Pi Network price dropped about 30% after its Kraken listing as investors took profits following a strong weekly rally.
- Weak trading activity on Kraken and a bearish chart pattern also added pressure to the token’s price.
Pi Network’s price has taken a sharp turn downward despite a highly anticipated exchange listing. After climbing strongly earlier in the week, the coin reversed course shortly after being listed on Kraken, leaving many investors questioning what caused the sudden drop.
Pi Network Falls Despite Major Exchange Listing
Pi Network price dropped to $0.2085, marking a decline of about 30% from its weekly high. This fall made Pi one of the worst-performing cryptocurrencies among the top 100 by market value during the period.
The drop came shortly after the token began trading on Kraken, a development that many investors initially expected would push prices higher. Instead, the listing was followed by a sharp pullback.
One major explanation is a well-known market behavior often described as “buy the rumor, sell the news.” Prices tend to rise ahead of a major event when traders anticipate positive developments. Once the event actually happens, many investors take profits, leading to a price decline.
This appears to be what happened with Pi Network. Traders accumulated the token in anticipation of the listing, and once the event occurred, a wave of selling followed.
Profit-Taking After a Strong Weekly Rally
Another factor behind the decline is simple profit-taking.
Before the reversal, Pi had delivered one of the strongest performances in the crypto market that week. At its peak on Friday, the token was up roughly 126% from its February low, outperforming major cryptocurrencies such as Bitcoin and Solana.
Such strong gains often attract short-term traders who exit their positions once prices spike. As those investors locked in profits, selling pressure increased, contributing to the rapid pullback.
Weak Trading Activity on Kraken
The reaction on Kraken itself was also relatively muted.
Trading data shows that Pi Network recorded only about $451,722 in volume on Kraken, while the token’s total trading volume across exchanges reached roughly $155 million in the same 24-hour period.
This suggests the listing did not generate the level of new demand that some investors expected. Without strong buying activity on the exchange, the market lacked the support needed to maintain higher prices.
What the Charts Suggest Next
Technical indicators also hint at potential short-term weakness.
The daily chart shows that Pi recently reached a multi-month high of $0.300 before reversing sharply. During the decline, the price formed a bearish engulfing pattern, a signal that often precedes further downside movement.
However, there may still be room for recovery. Market analysts point to the Elliott Wave structure, suggesting that Pi could be entering the second phase of the pattern. If the bullish third phase develops, the price could revisit $0.300 and potentially aim for the psychological $0.50 level.
For now, Pi Network remains under pressure as the market digests the recent rally and the impact of the Kraken listing.
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