Kraken Market Analysis: Solana Tests Critical Support Amid Bearish Pressure

As of October 21, 2025, Solana (SOL) is experiencing significant bearish pressure on Kraken and other major exchanges, with the cryptocurrency struggling to maintain key support levels. The digital asset has failed to sustain momentum above the crucial $200 threshold, now trading below critical moving averages that previously served as dynamic support. Technical analysts are closely monitoring the $175 level as a potential make-or-break point for SOL's near-term trajectory. The recent breakdown from the $208 high has triggered accelerated selling pressure, with the asset slicing through multiple Fibonacci retracement levels with particular intensity at the 61.8% marker. Market technicians have observed the breach of a rising channel pattern that had previously provided structural support for Solana's price action. This technical breakdown suggests potential further downside unless buyers can reclaim key resistance levels. The current market sentiment surrounding Solana reflects broader concerns in the cryptocurrency sector, though the asset's fundamental technology and ecosystem development continue to attract long-term investors. Trading volume on Kraken and other platforms has increased during this period of price discovery, indicating heightened interest from both institutional and retail participants. Market makers and liquidity providers are adjusting their strategies accordingly, while derivatives traders are closely watching options flows and funding rates for additional signals about market direction. The coming sessions will be crucial in determining whether Solana can establish a new support base or if further downside pressure will test lower price levels that haven't been visited since earlier in 2025.

Solana (SOL) Faces Bearish Pressure as Key Support Levels Tested

Solana's price action turns precarious after failing to sustain above $200. The digital asset now hovers below critical moving averages, with traders eyeing the $175 support as a make-or-break level.

A breakdown from the recent $208 high triggered accelerated selling, slicing through Fibonacci retracement levels with particular intensity at the 61.8% marker. Market technicians note the breach of a rising channel pattern on hourly charts signals weakening momentum.

The Kraken-listed asset shows characteristic correlation with broader crypto markets, mirroring Bitcoin and Ethereum's retreat. Liquidity concentrations near $188 now form immediate resistance, while sustained trade below this level increases probability of retesting last week's $174 low.

Bitcoin Price Stabilizes After Drop — Early Signs Of Recovery Emerge

Bitcoin shows tentative signs of recovery after testing key resistance levels. The cryptocurrency climbed above $108,000, establishing a new support base NEAR the 100-hour moving average. A bullish trend line forming at $108,800 on Kraken's BTC/USD charts suggests underlying market strength.

The rebound follows a recent dip to $103,582, with bitcoin now challenging the $110,500 resistance zone. Technical indicators reveal the recovery surpassed the 50% Fibonacci retracement level from last week's swing high of $115,975. Market watchers note the next critical test lies at $111,500 — a breakthrough here could signal renewed bullish momentum.

Ethereum Price Faces Rejection Near Resistance Zone — Risk Of Deeper Correction Rises

Ethereum's recovery attempt faltered near the $4,050 resistance level, sparking concerns of a deeper pullback. The second-largest cryptocurrency briefly climbed above $3,950 before encountering strong selling pressure, resulting in a breakdown below key technical levels.

The failed breakout occurred despite ETH clearing the 50% Fibonacci retracement level of its recent decline from $4,292 to $3,677. Market participants remain cautious as the price struggles to maintain momentum above the 100-hour moving average, with immediate support now forming around $3,840.

Technical indicators suggest weakening bullish momentum following the breach of a rising trendline that had provided support near $3,960. Traders are watching for potential downside acceleration if ethereum fails to reclaim the $3,980 level in coming sessions.

Ripple-Backed $1B SPAC Aims to Build Largest XRP Treasury Amid $10K Price Target

Ripple's latest institutional MOVE involves a $1 billion special purpose acquisition company (SPAC) backed by Pantera Capital, Kraken, and Evernorth. The initiative seeks to create the largest publicly traded XRP treasury, signaling growing confidence in the digital asset's utility for cross-border payments and institutional adoption.

Analyst Remi Relief projects XRP could reach $10,000 by 2029, citing potential regulatory shifts under the current U.S. administration. The prediction coincides with expanding institutional interest, as evidenced by the SPAC's high-profile backers from both crypto-native firms and traditional finance sectors.

BitMine Aggressively Accumulates ETH Amid Market Downturn

BitMine Immersion Technologies has continued its aggressive accumulation of Ether, purchasing an additional $250 million worth of ETH this week from exchanges Bitgo and Kraken. This marks the company's fourth major acquisition since the October 10 market crash, bringing its total holdings to approximately 3.17 million ETH—worth roughly $1.74 billion at current prices.

The firm's chairman, Tom Lee, remains bullish on crypto's long-term prospects, stating, "We're at the basement and working our way back up." BitMine's rapid accumulation—from 163,000 ETH in July to over 3.24 million today—positions it to control 2.6% of ETH's total supply, halfway toward its stated 5% target.

Notably, this institutional buying spree contrasts with Bitcoin treasuries' relative inactivity. If maintained, BitMine's pace could reshape ETH's circulating supply dynamics within months.

Ripple-Backed Evernorth Aims for Nasdaq Listing with $1B XRP Accumulation Plan

Ripple's ecosystem continues to generate market-moving developments as Evernorth, a new venture backed by the blockchain firm, announced plans for a Nasdaq listing via merger with Armada Acquisition Corp II. The $1 billion initiative will focus on institutional-scale XRP accumulation, with former Ripple executive Asheesh Birla at the helm as CEO.

Japanese financial giant SBI and Kraken exchange join as key backers of the venture, which community members compare to MicroStrategy's bitcoin treasury strategy. "They're creating utility: liquidity pools, lending, and yield programs built around XRP as the base asset," noted prominent XRP commentator Ripple Bull Winkle, highlighting potential supply shocks from direct exchange purchases.

The news comes as Ripple co-founder Chris Larsen reportedly offloads XRP holdings, creating opposing pressure on the token's market dynamics. Evernorth's establishment marks another institutional on-ramp for XRP adoption following Ripple's recent legal victories against the SEC.