Solana (SOL) Surges by 7% as Network Update Aims to Resolve Congestion Issues
Solana (SOL) has been making headlines recently as it surged by 7% over the last 24 hours in an effort to recover from recent market downturns. This positive momentum comes as the cryptocurrency market experienced a broad decline, with Bitcoin falling to $61,514 and SOL dropping to a six-week low of $116 on April 13.
Despite facing a significant decline of over 21% from April 11 to 13, Solana has been on a recovery path, aiming to regain lost support levels. Currently trading at $154.60, SOL is eyeing the Fibonacci 0.5 level at $159.91 and potentially targeting the April 5 peak of $185.21.
In addition to its price recovery, Solana is also focusing on resolving its network congestion issues. The surge in meme coin trading and increased adoption have led to heightened network activity, causing congestion and transaction failures. To address this, Anza, a group of Solana developers, released network upgrades on both the devnet and mainnet to improve network reliability and tackle congestion issues.
The recent deployment of version 1.17.31 on the mainnet includes enhancements aimed at alleviating ongoing network congestion, with further improvements expected in the upcoming version 1.18 release. Despite these challenges, Solana has managed to maintain operational efficiency, with only one major outage reported this year on Feb. 6.
As Solana continues its recovery journey and works towards resolving congestion issues, investors and enthusiasts are closely monitoring its progress and the impact on its market performance. Stay tuned for more updates on Solana and its evolving ecosystem.
