Solana has outperformed its peers this week, rising 9% over the past seven days, while bitcoin and ether have declined by over 4% and 2%, respectively, during the same period, according to The Block's price page.

"This performance has been buoyed by a number of endogenous catalysts specific to the Solana ecosystem including major technological releases and VanEck’s of the first spot Solana ETF in the U.S.," Coinbase analysts David Duong and David Han said.

Multiple catalysts bolstering Solana

According to Coinbase's Weekly report released on Friday, multiple recent developments have enhanced the value proposition of the Solana blockchain. One is ZK Compression technology, which the analysis said could reduce costs on Solana, particularly for large-scale token distributions.

The …