- This week, Solana has outperformed its competitors, recording increases during a period of declines for both Bitcoin and Ether.
- The cryptocurrency token ranked fifth by market capitalization has been supported by a variety of catalysts, according to Coinbase experts.
Solana has outperformed its rivals this week, climbing 9% over the last seven days, while ether and bitcoin have dropped by 2% and over 4%, respectively.
According to Coinbase analysts David Duong and David Han, the success has been supported by several endogenous catalysts unique to the Solana ecosystem, such as significant technology advancements and VanEck’s filing of the first Solana ETF in the United States.
Several motivators supporting Solana
The value proposition of the Solana blockchain has been improved by a number of recent advances, according to Coinbase’s Weekly report, which was published on Friday. One is ZK Compression technology, which could lower Solana costs, especially for large-scale token releases, according to the report.
The analysts went on to say that another advancement that can bring to a better and more inclusive user experience for Solana applications is Solana’s Blockchain Links.
Blockchain Links, often known as “blinks,” allow Solana-specific operations to be embedded into any website’s user experience. According to Coinbase researchers, blinks allow users to participate in a range of onchain activities, including NFT mints, USDC transfers, DEX swaps, governance proposals, and more, with the right configuration.
In the US, VanEck files for the Solana ETF
The story also mentioned VanEck, the fund manager, filing for an exchange-traded fund that would follow Solana’s price.
Head of digital assets research at VanEck Matthew Sigel said on X on Thursday, “I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.”
Analysts at Coinbase stated that this discovery is encouraging regardless of how it turns out.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
