Coinbase Announces To Add Support For SOL: Coin’s Price Spikes To $50

On Thursday, 20th May, there was an announcement of Coinbase support for $SOL (Solana) on its Coinbase Pro – the Coinbase platform for professional and experienced traders and investors.

SOL is a project made in open source to implement the innovative high performance and permissionless blockchain that is facilitated by the Solana Foundation based in Geneva.

The Solana protocol was developed by Solana Labs, which is supported by huge investors like Slow Ventures, 500 Startups, Foundation Capital, Abstract Ventures, and Multicoin Capital. The credit of Solana creation goes to Anatoly Yakovenko, and the principal architect is Greg Fitzgerald.

The documentation of Solana states that there is a possibility of a centralized database that can process about 710,000 transactions in a second on a standard gigabit network if the average bytes of the transactions are not more than 176.

The dev team of Solana hopes, however, that they will one day be able to reach the theoretical limit of about 710,000 transactions per second. For now, Solana can process about 50,000 transactions in a second.

Coinbase announced its support for SOL on Twitter, saying, “From today, regions, where trading is available, will be able to facilitate inbound transfers for Solana. Though no other placed by traders will be filed yet, trading will begin fully by 9 AM PST on Monday, 24th May with the liquidity conditions met.”

Based on data from TradingView, a crypto exchange like FTX saw $SOL hit a new ATH of $58.3975 on Tuesday, 18th May by 16:50 UTC. During the general crypto market downturn, which is one of the biggest recorded this year, the price of $SOL then falls to an intraday low of $28.8025 at exactly 13:10 UTC when $ETH and $BTC reached their intraday lows as well.

Today, however, comes with good news for $SOL as news of Coinbase announcement of listing affect the price of the token positively in matters of minutes. The news sees the price surge to $49.6750 and is recorded as the current intraday high. From the beginning of the year to now, the Solana token has done a 2,500% increase against USD.

The following are the projects backed by the Solana blockchain: Raydium, Audius, Mango Markets, Bonfida, Phantom Wallet.

Last month, Adam Cochran, a crypto investor, declared that he believes that SOL could be about the top 3 to 5 project and could help Ethereum in the long run.

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