Solana’s [SOL] latest growth story is unexpected, but welcome.
AI activity is on the rise, and now the platform looks to be pulling ahead in the race to become a key network.
Solana takes the lead in the x402 payment race
Source: Artemis
This is the first time Solana has overtaken Base in both transaction count and volume for x402. This is a payment protocol that lets AI agents and apps use stablecoins for online services.
Solana leads with $143M in August revenue
The number was at $143 million, and accounted for 38% of total on-chain app earnings.
Solana’s app revenue raced ahead of Ethereum [ETH], Base, and Hyperliquid [HYPE] L1.
Source: DeFiLlama
AMBCrypto previously reported that Solana validators approved a proposal that may cut new SOL issuance by 18.9 million over the next six years. The plan will speed up Solana’s move toward its existing 1.5% inflation target.
There is uncertainty, but supply growth alone doesn’t help a price move. Demand will still be the bigger factor.
SOL stays strong post rally
After coming back from the depths of the $70s to above $100 in late August, SOL is now in a consolidation phase near $104.
Source: TradingView
RSI was above neutral; buyers still have control. However, the indicator has slowed in the recent times. Meanwhile, the CMF was positive, so buying interest was very much present.
So, what’s next for SOL? Either the rise in activity would help generate new demand, or traders may just continue to lock in profits after the recent rally.
Final Summary
- Solana overtook Base in x402 activity after months!
- That and rising app revenue helped SOL hold its gains.
