Solana (SOL) Jumps 9% as Major Congestion Fix Hits Mainnet

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Solana (SOL) has every reason to go on a parabolic run as community members are ecstatic following the release of a major congestion fix on the mainnet. According to a new update from the blockchain, a new version upgrade dubbed v1.17.31 has been released and is now available for use by MainnetBeta validators.

Over the last several years, Solana has been plagued with severe congestion leading to significant harm for apps running on it, as well as investors’ assets and, in turn, its credibility. The strain worsened due to the proliferation of meme coins on the platform. While these meme coins propelled Solana ahead of Ethereum in certain market indicators, they also introduced a significant performance problem for the network.

Validators on MainnetBeta can now safely adopt the v1.17.31 version. This update brings improvements to ease network congestion on Solana.

— Solana Status (@SolanaStatus) April 15, 2024

Based on the latest update, Solana announced that the recently issued solution will effectively tackle the congestion problems it has been experiencing. Prior to this release, various developers and validator clients, such as Anza, had rolled out significant updates on the testnet. A collective effort was put in place to resolve network issues throughout the system.

After implementing this solution, several stalled project launches have announced their intention to move forward, aiming for a live debut once network reliability is assured.

Solana (SOL) price response

A recent update to Solana’s congestion solution has caused SOL‘s price to rise by 9.24%, or $13.65, over the last 24 hours to reach $154.43. Although this increase lags behind the overall market rebound following the weekend’s turbulence, the renewed sense of stability and confidence in Solana’s ability to address its congestion issues is expected to significantly bolster the coin’s growth potential in the future.

Currently, Solana is the fifth biggest digital currency in terms of market value. With its renewed network, there’s growing interest in Solana, which could lead to an increase in demand and potentially cause a supply shortage – a situation that can push prices upwards.

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2024-04-15 14:12