Solana has overtaken Base in x402 activity for the first time, becoming the leader in this payment protocol that allows AI agents and apps to use stablecoins for online services. The network generated $143 million in revenue in August, accounting for 38% of total on-chain app earnings, surpassing Ethereum, Base, and Hyperliquid. After bouncing back from the $70s to above $100 in late August, SOL is now consolidating near $104. Technical indicators remain supportive, with RSI above neutral and CMF positive, suggesting buyers still have control. Solana validators also approved a proposal to reduce new SOL issuance by 18.9 million over six years, moving toward its 1.5% inflation target.
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