Weekend Winners: These 3 Altcoins Led the Market in Price Increase

Solana (SOL), GMX, and Render Token (RNDR) are the weekend's best altcoin gainers. Solana broke out from a descending wedge, while GMX and RNDR broke out from descending resistance trendlines.

Timeline of Render, Solana

Solana is making waves as it shows signs of a potential breakout against its direct competitor, Ethereum. According to the latest price analysis, one SOL is currently trading at approximately 0.01281 ETH.

Solana (SOL) has found itself in the midst of a price battle, with neither bulls nor bears able to establish dominance. The daily charts have revealed a story of indecisiveness, characterized by the formation of neutral doji candles.

Innovative initiatives like Shiba Budz (BUDZ), Render (RNDR), and Synthetix (SNX) are catching the attention of both investors and enthusiasts in the constantly changing world of blockchain technology and cryptocurrencies.

Coinbase's layer 2 network, Base, has seen its total value locked (TVL) grow to $397.32 million in just about a month and a half since its August launch. This now puts Base ahead of the Solana network, which has $358.96 million in TVL currently.

The Ethereum-based layer2 scaling solution by Coinbase, Base, has seen its total value locked soaring rapidly since its launch in August. After overtaking Cardano and Cronos, DeFiLlama stats show Base has surged to surpass Solana. Base's total value locked has increased to around $370.29M, whereas Solana's 9.64% monthly decline puts its TVL at $310.

The layer-2 Ethereum scaling solution unveiled by Nasdaq-listed cryptocurrency exchange Coinbase earlier this year, Base, has been seeing the total value locked (TVL) on its smart contracts rise rapidly, to the point it now surpassed the TVL on Solana ($SOL).

According to statistics, Coinbase's Layer two (L2) blockchain, built on Ethereum and using Optimism's open-source OP Stack, has grown significantly in the past 41 days. Since August, when the platform had a total value locked (TVL) of $175 million, the figure has increased 111% to $370 million.

Magic Eden, a prominent nonfungible token (NFT) marketplace, has announced its support for Solana's compressed NFTs (cNFTs), offering a more scalable and cost-effective alternative for digital collectibles. The integration of cNFTs into Magic Eden's platform aims to revolutionize the NFT landscape by making it more accessible and affordable for both creators and collectors.

XRP extended a recent bull run on Friday, as the token moved to its highest point in the past two weeks. Today's move came as the cryptocurrency marginally broke past a key resistance level. Solana was also in the green, as price rose for a fourth straight day, nearing the $20.00 mark in the process.

After the Delaware Bankruptcy Court authorized the sale of FTX's digital assets, which include 55.75 million Solana (SOL) valued at $1.062 million, the price of SOL came under intense selling pressure. The unlock timeline of FTX's holdings and derivative market positioning, however, point to the possibility of an upside-biased countermove.