Coinbase CEO Brian Armstrong has revealed ambitious plans to extend “tier-1 support” to Solana, aiming to bring the cryptocurrency on par with Bitcoin (BTC) and Ethereum (ETH) on the platform. This announcement follows the resolution of recent transaction glitches caused by high withdrawal volumes on the Solana network.
Key Highlights
- Coinbase will provide “tier-1 support” for Solana, matching the support levels of BTC and ETH.
- Transaction glitches on the Solana network have been fixed, ensuring smoother withdrawals.
- SOL’s price surged over 7% intraday, sparking renewed investor optimism.
Coinbase CEO’s Vision for Solana
In a January 22 post on X (formerly Twitter), Coinbase CEO Brian Armstrong shared the company’s commitment to scaling its infrastructure to better support Solana. Armstrong stated that the platform is working to provide native support for common use cases like decentralized exchange (DEX) and memecoin trading.
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“It’s clear we need to step up our game on Solana,” Armstrong wrote. He emphasized that Coinbase is actively working to prevent future transaction issues and enhance its overall support for the Solana ecosystem.
Transaction Glitch Resolved
Coinbase’s announcement comes on the heels of fixing a significant withdrawal halt caused by a surge in transaction volumes. Both Coinbase and Binance temporarily paused Solana withdrawals amid the spike, which left many traders frustrated. However, Armstrong confirmed that the backlog has been addressed, and transactions are now processing smoothly.
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Despite the resolution, some users expressed dissatisfaction over losses incurred during the glitch. Nonetheless, others welcomed the update, viewing it as a sign of increased stability and support for the network.
SOL Price Surge Reflects Renewed Optimism
Following the announcement, Solana’s price soared 7.5% intraday, reaching $257.48. The token’s 24-hour trading range was between $236.36 and $259.83.
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The price jump reflects a growing bullish sentiment among investors, fueled by Coinbase’s enhanced support and a broader recovery in the crypto market. The recent surge in activity on the Solana network, driven by the launch of meme coins TRUMP and MELANIA, is believed to have contributed to the increased transaction volume and subsequent price rally.
Looking Ahead
The enhanced support for Solana positions the cryptocurrency for significant growth in the long term. With Coinbase addressing infrastructure challenges and expanding use cases for Solana, market watchers are optimistic about the token’s future trajectory.
As Solana regains momentum, its rising price and increased activity underline its potential as a major player in the evolving crypto landscape.
