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The Solana price is up over 16% on the weekly time frame despite a minor 24-hour correction to trade at $247.69 as of 9:57 p.m. EST as investors take a medium-term long position on the crypto. This strong weekly performance also saw the SOL price soar to a new all-time high at $294.33 just 5 days ago. It has since retraced more than 14% to trade at its current level. Solana Price Consolidates Daily chart for SOL/USD (Source: GeckoTerminal ) The Solana price entered into a consolidation between $242.25 and $258.34 in the last couple of days, and is now approaching the lower boundary of this range. Should SOL drop below $242.25 within the next 24-48 hours, the altcoin could stand the risk of plunging all the way down to $227.05. On the other hand, the Solana price maintaining a position above $242.35 for the next 2 days could either result in a continuation of the crypto’s consolidation or lead to a bullish scenario playing out.  In the event that buyers identify SOL...

Solana (SOL) was the top ecosystem choice this year for new developers, according to a recent report. Researchers at the venture firm Electric Capital note that 39,148 new developers explored the crypto space in 2024. The firm also says that 2024 was the first year since 2016 that any ecosystem besides Ethereum (ETH) ranked first among the new developer cohort, with 7,625 new devs choosing Solana, compared to 6,456 for Ethereum. Solana also leads in terms of decentralized exchange (DEX) usage, capturing 81% of DEX transactions and ranking the highest in terms of the number of unique trading wallets. Base, Coinbase’s Ethereum layer-2 scaling solution, ranked second in unique trading wallets. Ethereum still remains the top ecosystem for development overall, ranking number one across every continent. Solana ranked second. Electric Capital says developer numbers are a “leading indicator of value creation.” “Developers build apps that deliver value...

Solana (SOL) co-founder Anatoly Yakovenko says that the project’s biggest competitor is now Coinbase’s Ethereum (ETH) scaling solution. In a new interview on the Unchained Crypto YouTube channel, Yakovenko says Coinbase’s Base has become Solana’s biggest rival due to the amount of network activity. “Base is probably the closest competitor now, I would say, when looking at activity. How I break this problem down is … your killer components of PMF (product-market fit) is price, Features or content. Ethereum’s weakness was price, and Solana had a killer price that just Ethereum could never get to, just fees to users… What is unique about Ethereum is the assets issued there. And I think now that’s shifting over somewhat to Solana. One, memecoins are new content being created every day… Base, I think, is the biggest competitor that I think of to the Solana ecosystem.” He also says that layer-1s Sui (SUI) and Aptos (APT)...

Market intelligence platform IntoTheBlock says Coinbase’s Ethereum (ETH) scaling solution is on track to become the largest layer-2 (L2) blockchain by the end of the year. In a new report, IntoTheBlock says that key metrics indicate Base is experiencing exceptional growth this year. IntoTheBlock first looks at Base’s total value locked (TVL), the metric representing the amount of assets staked or locked in a platform. “Base, the L2 blockchain from Coinbase that has been live for just over a year, is close to surpassing Arbitrum as the largest Ethereum L2 by TVL. In September alone, Base saw an influx of roughly $700 million in TVL. If its current growth trend continues, it will likely be the largest L2 by year-end.” IntoTheBlock also says that additional metrics indicate Base is outperforming other popular L2s, including Optimism (OP) and Arbitrum (ARB). “TVL is not the only metric where Base has seen large gains relative to Optimis...