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In a bid to boost market sentiment, Coinbase’s CEO recently announced plans to offer ‘tier 1 support’ for Solana 
$170 following operational disruptions on the crypto trading platform. Brian Armstrong emphasized that the issues affecting transactions on the network have been resolved, and efforts are underway to prevent similar problems in the future.
CEO’s Commitment to Solana
Armstrong stated that they aim to provide support for Solana at the same level as Bitcoin 
$102,804, Ethereum 
$2,296, and Base. In light of recent withdrawal problems faced by users, various measures are being implemented to avert similar incidents going forward.
“It is clear that we need to enhance our performance on Solana, scale our infrastructure, and provide local support for common use cases like DEX and memecoin trading.” – Armstrong
The Coinbase CEO noted that transaction delays on Solana have been addressed and that operations should resume swiftly. This announcement followed the suspension of SOL withdrawals by leading exchanges like Coinbase and Binance due to high withdrawal volumes.
“We have resolved the delays on Solana, and transactions are expected to speed up.” – Armstrong
SOL Price Surge
At the time of this writing, SOL’s price had risen approximately 7.5% to $257.48. The cryptocurrency recorded a 24-hour low of $236.36 and a high of $259.83. The price increase has spurred interest from traders after the Coinbase CEO’s announcement regarding the resolution of transaction issues. Additionally, early signs indicate that CME futures will commence in February, further supporting the trend.
Moreover, the Solana network has experienced a significant surge in activity following the recent launch of meme coins TRUMP and MELANIA, which has led to an increase in withdrawal volumes on Coinbase.
Crypto market observers are optimistic about SOL tokens in the long term based on recent developments. The support plan from Coinbase for Solana is seen as a positive step in the crypto ecosystem, continuing efforts to enhance user experience on the platform.
The high trading volumes and increased network activities highlight the necessity for exchanges to bolster their infrastructure investments. Coinbase’s move could help Solana reach a broader user base.
Recent developments indicate that Solana is on a recovery trajectory in the crypto market, with renewed interest from traders.
