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SOL Finding Support, BASE Booming with Activity

Aug 23, 2023
Author
Sean Farrell
Sean Farrell AC
Market Update After another evening of crypto price weakness, the market is showing some near-term resilience, bouncing in tandem with equity and bond markets. $BTC has rebounded to above $26k after a momentary dip to $25.5k, and $ETH is seeking stability above $1,650 following a drop to $1,580 last night. Altcoins are at the forefront of the recovery, with standout performers including $SUI, up over 10% after numerous short positions were liquidated, and $DYDX, up 7% following its recent testnet launch. $BNB, having displayed significant weakness yesterday evening amid rumors that CZ was converting his BTC holdings to BNB to support the price, has recovered, climbing nearly 5%. Simultaneously, interest rates across the curve are receding due to disappointing PMI data from Europe and the US, causing the DXY to give back its early gains. Major equity indices are also ascending, with traders awaiting Nvidia's earnings, scheduled for release after today's closing bell.Despite the recent market pullback, Base, the layer 2 blockchain supported by Coinbase, has seen a surge in activity, hitting a record average of 16 transactions per second (TPS) yesterday, outpacing layer 2 rivals like Arbitrum and Optimism. This impressive performance in recent weeks is primarily due to the populari

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