Solana’s unexpected growth in AI-driven x402 payments has overtaken Base, with a surge in weekly transactions. The network also led in August app revenue at $143 million, accounting for 38% of total on-chain earnings. Validators approved a proposal to cut new SOL issuance by 18.9 million over six years, accelerating the move toward a 1.5% inflation target. SOL’s price consolidated near $104 after a rally from the $70s, with technical indicators showing buyer control but slowing momentum. The rise in activity may generate new demand or profit-taking.
Solana has taken the lead in x402 activity after months of Base dominating the space. According to data from Artemis, there was a mammoth jump in weekly x402 transactions and volume, and now Solana handles the majority of activity. This is the first time Solana has overtaken Base in both transaction count and volume for x402, a payment protocol that lets AI agents and apps use stablecoins for online services.
The network also ranked first in app revenue during August. The figure was $143 million, accounting for 38% of total on-chain app earnings. Solana’s app revenue raced ahead of Ethereum, Base, and Hyperliquid L1.
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.
After coming back from the depths of the $70s to above $100 in late August, SOL is now in a consolidation phase near $104. The Relative Strength Index (RSI) was above neutral, indicating buyers still have control, though the indicator has slowed recently. The Chaikin Money Flow (CMF) was positive, showing buying interest was very much present. Either the rise in activity would help generate new demand, or traders may just continue to lock in profits after the recent rally.
