TL;DR
Token Metrics data shows SOL’s technicals have turned bearish as momentum weakens and the token compresses near its range bottom. This happens even as Kraken rolls out onchain trading in its app. The feature gives users access to about 2,500 Solana tokens without needing seed phrases.
Context
Kraken has been a major crypto exchange since 2011. It built its name on security and regulatory compliance. The exchange has traditionally focused on centralized trading. Users bought and sold crypto through Kraken’s order books. Their assets stayed in Kraken’s custody. This model worked well for many traders. But it kept users separated from the growing world of decentralized finance.
DeFi exploded on Ethereum in 2020. Users could trade tokens directly from their own wallets. They earned yield through lending protocols. They participated in governance. But DeFi came with friction. Users needed to manage seed phrases. They had to pay gas fees. They needed to understand complex interfaces. These barriers kept mainstream adoption low despite the innovation.
Solana emerged as a faster, cheaper alternative to Ethereum. Its network could handle thousands of transactions per second. Fees stayed under a penny. This made Solana attractive for DeFi protocols. Projects built DEXes, lending platforms, and NFT markets on Solana. The Solana world grew fast. But access remained limited to those who could navigate Web3 tools.
Kraken’s new feature bridges this gap. The exchange partnered with Privy, a company specializing in embedded wallets. Privy’s tech lets apps create wallets for users without exposing private keys. Users don’t need to save seed phrases. They don’t need to understand wallet security. The tech handles this behind the scenes.
The integration uses Solana DEX protocols. When a user places a trade, Kraken routes it to these protocols. The trade settles onchain. But the user experience feels like centralized trading. Prices show in dollars or USDC. Holdings appear alongside regular Kraken balances. The complexity stays hidden.
This launch follows similar moves from other exchanges. Coinbase integrated Wallet features. Robinhood added crypto wallet support. The trend is clear: exchanges want to capture DeFi activity without losing users to external apps. Kraken’s approach differs by focusing on Solana first. The network’s speed and low fees make it suitable for in-app trading.
The feature rolls out to users in the U.S. and over 100 other countries. Kraken hasn’t disclosed the exact list of eligible regions. The exchange emphasizes regulatory compliance in its launch materials. This suggests careful jurisdiction management.
Kraken holds neither user assets nor private keys in this system. Users maintain self-custody through Privy’s embedded wallets. But Kraken warns that available tokens haven’t been vetted by the exchange. This creates a different risk profile than trading listed assets on Kraken’s main platform.
The launch covers Solana tokens only. Kraken plans to add more chains later. No timeline has been shared for these expansions. The current implementation gives users access to early-stage projects. These tokens haven’t reached centralized exchanges yet. This could give traders early entry points before broader market adoption.
What Token Metrics Data Shows
Data as of June 18, 2026.
Token Metrics technicals on SOL read bearish. The trend has flipped bearish. The token is trading sideways inside its recent range. Momentum sits weak but not stretched at these levels. Volatility is running hot. This suggests the market expects bigger moves soon. First support sits near $57. Next resistance is around $84.
Polymarket consensus sees SOL between $60 and $70 on June 20 as nearly a coin flip. The YES probability sits near 49%. For the $90 to $100 range on June 21, Polymarket shows about 48% probability. These markets suggest traders expect choppy action around current levels rather than a clear breakout.
SOL trades near $69. It’s down about 7% on the day but up around 3% over the past week. The market cap sits around $40 billion. Smart-money netflow data isn’t available for this snapshot. So we can’t see how large traders are positioning around this launch.
The Token Metrics Daily Pulse coverage captured this as a market snapshot item. It highlighted the technical setup alongside the exchange news.
What’s New
Kraken announced the launch of onchain token trading directly within its existing mobile app. The feature gives eligible users access to about 2,500 tokens built on Solana. This includes assets that haven’t been listed on centralized exchanges yet.
The implementation uses Privy’s embedded wallet technology. This means users get self-custody without managing seed phrases. Private keys stay encrypted on the user’s device. Kraken never accesses these keys. The user experience mimics traditional exchange trading. Prices display in familiar fiat terms. Holdings integrate seamlessly with users’ existing Kraken portfolios.
Kraken designed the feature for two main groups. First are crypto newcomers intimidated by DeFi complexity. Second are experienced users wanting unified custody across centralized and decentralized positions. The exchange emphasizes that available tokens haven’t undergone Kraken’s usual vetting process. Users trade these assets at their own risk.
The launch covers Solana protocols exclusively. Kraken integrated with Solana DEX protocols to power the trading engine. Trades execute onchain but feel like centralized trades within the app. Users don’t need to understand gas fees or transaction confirmations. The app handles this complexity behind the scenes.
Kraken plans to expand to additional blockchain networks in the future. No specific timeline or chain selection has been announced. The current Solana focus makes sense given the network’s speed and low transaction costs. These technical advantages support smooth in-app trading experiences.
What to Watch
- Monitor if other major exchanges announce similar Solana integrations in the coming weeks. A trend could signal broader institutional adoption of embedded DeFi.
- Watch SOL’s ability to hold the $57 support level. A breakdown below this level could trigger further selling despite the exchange integration news.
- Track whether Kraken announces specific chains for future expansion. Ethereum or Base integration would significantly increase the feature’s market impact.
- Observe user sentiment and adoption metrics if Kraken releases usage data. High engagement could validate the embedded wallet approach for mainstream audiences.
- Pay attention to regulatory statements from U.S. agencies regarding self-custody features in exchange apps. Any guidance could affect similar launches from other platforms.
This information is for educational purposes only and should not be considered financial advice.
