Kraken Market Analysis: Solana’s Bearish Trajectory Amid Crypto Downturn

As of September 29, 2025, Solana (SOL) continues to face significant downward pressure on trading platforms including Kraken, reflecting broader bearish sentiment across cryptocurrency markets. The digital asset has experienced a sharp decline after failing to maintain momentum above the $232 threshold, leading to a breakdown below crucial support levels at $220 and $200. Technical analysis indicates potential further downside movement toward the $180 level, raising concerns among investors monitoring the asset's performance on major exchanges. Current hourly chart patterns reveal a distinctly bearish trend, with SOL trading below both the 100-hour Simple Moving Average and a newly established resistance line at $204. This technical configuration suggests sustained selling pressure and limited buying interest at current price levels. The broader cryptocurrency market weakness appears to be contributing to SOL's challenges, as correlated assets face similar headwinds. Market participants on Kraken and other platforms are closely watching key technical indicators for signs of potential reversal or continued decline. The current price action represents a significant shift from previous bullish patterns, highlighting the volatile nature of cryptocurrency markets and the importance of robust risk management strategies for traders navigating these conditions.

Solana (SOL) Extends Decline Amid Bearish Market Sentiment

Solana's price trajectory turned sharply downward after failing to sustain momentum above $232, mirroring broader weakness in crypto markets. The asset now trades below critical support levels at $220 and $200, with technical indicators suggesting potential further downside toward $180.

Hourly charts reveal a pronounced bearish trend, with SOL struggling below both the 100-hour SMA and a newly formed resistance line at $204. Market participants note the absence of bullish catalysts as the token consolidates NEAR $191—a 23.6% retracement from its recent $242 high.

Any recovery attempt faces immediate hurdles at $200, with stronger resistance expected near the $204 trendline and the 50% Fibonacci level at $215. Traders on Kraken remain cautious, with downside risks prevailing absent a decisive break above key technical thresholds.

Ethereum Dives Sharply – $4,000 Break Sparks Concerns Of Extended Downtrend

Ethereum's price has taken a sharp downturn, breaching the critical $4,000 support level and raising fears of a prolonged bearish trend. The cryptocurrency now trades below $4,050 and the 100-hourly Simple Moving Average, with a key bearish trend line forming at $4,050 on the hourly ETH/USD chart.

The failure to hold above $4,250 triggered a cascade of losses, pushing ETH below $4,120 and $4,050. A recent low of $3,826 marked the bottom of the slide, though a minor recovery has since retraced 23.6% of the drop from the $4,275 swing high. Resistance looms near $3,950, with further hurdles at $4,000 and the 50% Fibonacci retracement level at $4,050.

Market sentiment remains fragile as ethereum struggles to regain footing. A decisive break below $3,850 could accelerate the decline, while reclaiming $4,050 is crucial for any bullish reversal.

XRP Price Faces Pressure Amid Failed Recovery Attempt

XRP's price recovery faltered after an unsuccessful push above the $2.850 resistance level, reigniting concerns of further declines. The digital asset now trades below both the $2.840 mark and its 100-hour moving average, with technical indicators suggesting potential downside toward $2.720.

The failed rally saw XRP briefly outperform Bitcoin and Ethereum, reaching $2.995 before encountering strong selling pressure. A critical bullish trendline at $2.850 gave way during the subsequent retreat, leaving the token vulnerable to extended losses. Market participants now watch the $2.788 level for near-term resistance, with $2.850 representing a more substantial barrier coinciding with the 50% Fibonacci retracement of the recent drop.

Kraken Secures $500 Million Funding, Eyes $15 Billion Valuation for Potential 2026 IPO

Kraken has completed a $500 million funding round this month, positioning the cryptocurrency exchange for a potential initial public offering in 2026. The round, which lacked a lead investor, saw participation from various investment managers, venture capital firms, and Kraken co-CEO Arjun Sethi through his Tribe Capital fund.

The company is now targeting a $15 billion valuation as it prepares to go public. Enhanced financial disclosures and other recent steps suggest Kraken is laying the groundwork for an IPO, though it has yet to file an S-1 with the SEC.

Sethi, who joined as co-CEO after founder Jesse Powell stepped down in 2022, has been instrumental in driving the company's progress over the past year. The funding round was closed on Kraken's own terms, reflecting strong investor confidence in the exchange's future.