SOLUSD Today: Coinbase Opens SOL-to-Base Bridge, December 24 Update
Coinbase Solana Base bridge is live today, allowing native SOL transfers between Solana and Coinbase’s Base network without third‑party bridges. For Australians, this could streamline access to DeFi on Base and improve cross‑chain liquidity for SOLUSD. SOL now has an ERC‑20 representation on Base, so it can interact with EVM apps while deposits and withdrawals remain native. SOL trades near $122.43 today, with momentum still soft. We explain how it works, what it costs, and the practical trade setup for local investors.
What changed with Coinbase’s upgrade
Coinbase now supports direct SOL deposits to Base and withdrawals back to Solana. Users avoid third‑party bridges and move assets inside the Coinbase stack, reducing extra steps and possible failure points. According to early coverage, the rollout focuses on making SOL portable across chains while keeping custody simple for retail users. See details in Coinpaper.
On Base, users receive a Solana ERC-20 representation that works across EVM DeFi. You can trade, provide liquidity, and interact with smart contracts using SOL on Base, while paying network gas in ETH. Coinbase notes some regional access limits; Australian users should pass standard KYC and review in‑app availability. A second recap is on Bitcoinsensus.
Liquidity and price implications for SOL
The Coinbase Solana Base bridge may lift cross‑chain liquidity by routing more flows through a single venue. Tighter spreads can follow if more order flow aggregates around Base-linked venues. Centralized settlement plus on‑chain execution could help reduce slippage during busy periods. Still, liquidity gains depend on user adoption, app support for SOL on Base, and gas costs on Ethereum L2s.
SOL trades near $122.43, down about 1.2% on the day. RSI sits at 37.8, close to oversold. Price is below the 50‑day ($138.03) and 200‑day ($174.48) averages, signaling a weak trend. Bollinger mid is $131.76 with lower band near $117.95. ATR is 9.57, implying wider daily swings. MACD histogram turned slightly positive, hinting at fading downside momentum.
What this means for Australian investors
Aussies typically fund in AUD, but Coinbase prices SOL and fees in USD terms. Expect FX spread plus network gas on Base paid in ETH. Compare spreads between spot SOL on Solana and SOL on Base before moving size. Start with a small test transfer, confirm arrival, then scale. Track gas at quiet times for lower costs.
With SOL on Base, users can access EVM‑friendly apps, liquidity pools, and routing that were not available on Solana alone. This can expand yield and trading options without juggling external bridges. Always review contract audits, pool depth, and slippage. The big win is convenience, but smart‑contract risk and market volatility still apply.
Actionable trade setup and key levels
For near term, support sits around the Bollinger lower band at $117.95. A reclaim of $131.76 would improve tone, with $138.03 (50‑day) as the next hurdle. Above that, $145.58 (upper band) is a stretch target. ATR at 9.57 suggests planning position sizes for 8‑10 dollar daily ranges.
If the Coinbase Solana Base bridge boosts activity, SOL could benefit from stronger flows into SOL on Base. Model projections in our data show a 1‑month baseline near $120.54, quarterly $187.23, and yearly $181.10. These are not guarantees. Set alerts, add gradually on strength, and review adoption metrics weekly.
Final Thoughts
The Coinbase Solana Base bridge removes a major pain point for moving SOL between Solana and Base, while introducing a clean Solana ERC-20 representation for EVM apps. For Australians, this can cut steps, reduce operational risk, and widen DeFi access. Near term, watch how much liquidity shifts into SOL on Base, fee conditions on Base, and whether spreads tighten. For trading, respect the current downtrend but prepare for a rebound if price reclaims $131.76 and the 50‑day near $138. Plan entries around ATR‑sized ranges, test transfers with small amounts first, and monitor in‑app regional availability before committing larger capital.
FAQs
It lets users move SOL directly between Solana and Coinbase’s Base network inside the Coinbase stack. On Base, SOL appears as a Solana ERC-20, which works with EVM apps. The aim is simpler transfers, fewer steps than third‑party bridges, and broader access to DeFi tools using SOL on Base.
Coinbase supports Australia, and many users should see the feature after standard KYC checks. However, Coinbase notes some regional limits. Check availability in the app before planning transfers, confirm fees and gas on Base, and run a small test move first to verify settlement and timing.
On Base, network gas is paid in ETH. You may also see spreads and FX costs if funding in AUD. Compare total cost between keeping SOL on Solana versus using SOL on Base. Execute during quieter periods to reduce gas, and always confirm the estimated fee before sending.
It can help by improving cross-chain liquidity and making SOL more useful across EVM apps, which could tighten spreads. Price still depends on market risk, adoption of SOL on Base, and broader crypto flows. Watch key levels at $117.95 support, $131.76 pivot, and $138.03 for momentum shifts.
In Coinbase, choose deposit or withdraw SOL, select Base as the destination or Solana as the source, confirm the network, and review estimated fees. Start with a small test amount, verify receipt on Base, then scale. Keep some ETH on Base for gas before interacting with DeFi apps.
Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.
