Pi Network's native token, PI, is demonstrating notable relative strength in early 2026, significantly outperforming major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). While PI is down 12% year-to-date, this decline is modest compared to Bitcoin's 23% drop, Ethereum's 33% fall, and XRP's 21% loss over the same period. As of February 18, 2026, PI is trading above $0.1900, marking a nearly 8% weekly gain and a recovery from a year-to-date low of $0.1300.
A key factor supporting the price is a recent pause in mainnet migration activity. According to PiScan data, the last daily migration of 259,397 PI tokens occurred on Friday, with no subsequent migrations. This process, which allows users to move PI from the testnet to the open mainnet after completing KYC verification, directly influences circulating supply on exchanges. The slowdown reduces new token influx, thereby alleviating selling pressure. This pause coincides with the network's first mainnet anniversary on February 20.
Adding to the positive sentiment is a potential major exchange listing. Kraken, a prominent U.S.-based cryptocurrency exchange, has added PI to its listing roadmap, signaling a possible integration later in 2026. While no official date is confirmed, a Kraken listing would grant millions of U.S. investors access to the token and could pave the way for listings on other major platforms.
Further ecosystem developments include the launch of a new AI-powered KYC verification tool designed to accelerate user onboarding. The network is also undergoing a series of protocol upgrades aligned with Stellar Network's Protocol 22, with plans to progress toward Protocol 25. Validator rewards are anticipated to launch in March 2026, which has bolstered investor interest.
From a technical perspective, PI has crossed above its 25-period and 50-period Exponential Moving Averages on the 12-hour chart and moved above the Supertrend indicator. The token has formed a bullish pennant pattern, with the Relative Strength Index (RSI) at 63 on the daily chart. The Moving Average Convergence Divergence (MACD) showed a bullish crossover. Immediate resistance is seen at $0.1919, with key support at the 50-day EMA of $0.1773.
