In an attempt to boost market sentiment, Coinbase CEO recently announced that they plan to offer ‘tier 1 support’ to Solana following transaction disruptions on the crypto trading platform. It should be noted that the exchange’s CEO, Brian Armstrong, announced that the transaction glitch on the network has been resolved. It was also emphasized that efforts are continuing to prevent such problems in the future.
Solana Statement from Coinbase CEO
Brian Armstrong, Bitcoin for Solana $104,876.5Ethereum 
$3,292.2 and stated that they aim to provide the same level of support as Base. Following the recent withdrawal problems experienced by users, it was announced that various measures were taken to prevent similar incidents in the future.
“It is clear that we need to improve our performance on Solana, scale our infrastructure, and provide native support for common use cases such as DEX/memecoin trading.” -Armstrong
Coinbase CEO stated that transaction delays on Solana have been resolved and transactions should continue quickly. This statement comes after leading exchanges such as Coinbase and Binance suspended SOL withdrawals due to high withdrawal volumes.
“We have resolved the delays in Solana and transactions are expected to accelerate again.” -Armstrong
SOL Price
At the time of writing, the SOL price increased by approximately 7.5% on a daily basis and reached $257.48. The 24-hour low and high levels of the cryptocurrency were recorded as $236.36 and $259.83, respectively. The price increase sparked investor interest after Coinbase’s CEO announced the transaction issue had been resolved. Early signals that CME futures trading would start in February were also supportive in this regard.
Additionally, the Solana network has experienced a major increase in activity with the recent launch of meme coins TRUMP and MELANIA. This caused withdrawal volumes on Coinbase to increase.
Crypto market observers are optimistic about the SOL token in the long term in light of recent developments. This support plan from Coinbase for Solana is considered a positive step in the crypto ecosystem and continues the platform’s efforts to improve the user experience.
Particularly high transaction volumes and the increase in network activities reveal the need for stock exchanges to increase their infrastructure investments. This move by Coinbase may help Solana reach a wider user base.
Recent developments show that Solana is recovering in the crypto market and investor interest is increasing again.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
