Kraken bets on Solana’s long tail while SOL extends losses

Kraken has expanded access to more than 2,500 Solana-based tokens through on-chain trading while SOL has fallen nearly 8% amid a wider crypto market selloff.

According to Kraken, customers in the United States and more than 100 countries can now trade thousands of Solana ecosystem tokens directly through the exchange’s platform, including assets that have not yet been listed on centralized exchanges.

The rollout allows users to buy and sell eligible Solana tokens using USD or USDC without relying on separate self-custody wallets or external decentralized finance tools.

Kraken said the feature removes several steps that have traditionally required users to manage seed phrases, bridge assets between platforms, or interact with multiple applications.

Speaking on the launch, Kraken Chief Data Officer Kamo Asatryan said the company wants to simplify access to blockchain-based assets by reducing the complexity associated with activities such as paying gas fees and moving funds across networks.

Kraken expands beyond traditional exchange listings

Rather than focusing only on tokens that pass through the centralized exchange listing process, Kraken is opening access to a much larger segment of the Solana ecosystem. According to the company, many of the newly available assets are not listed on conventional trading platforms.

“Our customers in the US and more than 100 countries can now trade 2,500+ Solana-based tokens directly from the Kraken app they already use, including many not yet listed on any centralized exchange.” 

The launch adds another product line to Kraken’s recent expansion efforts. As crypto.news reported on June 15, the exchange introduced perpetual futures for eligible U.S. customers through a Commodity Futures Trading Commission-regulated venue.

Following the rollout, eligible users can trade perpetual futures on Kraken Pro alongside spot, margin, and traditional futures products within a single account. The offering was enabled by Kraken parent company Payward’s acquisition of Bitnomial, a CFTC-licensed derivatives platform acquired earlier this year.

Kraken noted that support for additional blockchain networks is expected in the future, which would allow users to trade assets from ecosystems beyond Solana through the same interface.

Market weakness keeps pressure on SOL

Despite the exchange’s latest Solana-focused product launch, the token has remained under pressure as risk appetite continues to weaken across digital asset markets.

At the time of writing, Solana (SOL) was trading at $68.45, down nearly 7% over the previous 24 hours. The decline has unfolded alongside a broader market downturn that pushed the total cryptocurrency market capitalization down roughly 4% to $2.24 trillion.

According to a previous crypto.news analysis, a break below the key $70 support level could shift attention back to the June low around $62 and increase the likelihood of a move toward the $60 region.

Elsewhere in the market, Bitcoin traded near $62,620 after falling more than 4%, adding to pressure across major altcoins and speculative digital assets.

Recent activity suggests Kraken continues to increase its presence across multiple parts of the crypto market.

In May, the exchange launched regulated margin trading services, while earlier this month it joined several industry organizations in urging the U.S. Senate to advance the CLARITY Act, legislation designed to establish a clearer regulatory framework for digital assets.