Today, Solana (SOL) is bouncing back with its price breaking above the $150 barrier as indicated by CoinMarketCap’s data. Currently, its price is 1.81% higher than the previous day, making it available for purchase at an average of $157.08 on major exchanges.
Solana network recovery as catalyst
Solana has been stuck in a holding pattern for a while due to network congestion causing significant issues for its expansion. But, there’s good news: a recent improvement reports that Solana’s block production is back to standard, averaging just two seconds per block.
According to SolanaFloor’s figures, an impressive 100% of the 409 transactions on the Solana network were reportedly processed successfully, hinting at the network’s robust recovery. This notable event is accompanied by several favorable signs for this distinct network bounce-back. Furthermore, there’s a strong possibility that the demand for SOL could experience a significant increase as a result.
🚧 UPDATE: The traffic jams on Solana’s network have been cleared out. Blocks are being produced at a normal rate again. 💡 Transactions now go through in under 2 seconds.
— SolanaFloor | Powered by Step Finance (@SolanaFloor) April 24, 2024
Some projects scheduled to launch on Solana had to abandon their plans due to the threatening traffic congestion. Other projects paused their debuts, waiting for the all-clear signal before proceeding.
With this latest Block production update, Solana bulls might now be ready for a complete rebirth.
Solana developers to get praise
Solana was created to attract both corporate users and individual investors, but congestion problems threatened to hinder its progress. In response, cofounder Anatoly Yakovenko and other members of the community proposed solutions to address the issue.
Earlier this month, the Solana core team made a significant improvement by releasing a major update on the testnet. Notably, other validator clients such as Anza additionally implemented fixes that boosted the general performance of the Solana blockchain.
All in all, the ecosystem looks forward to a hopeful future with a significant increase of over 24.5% in trading volume, reaching a total of $3,142,785,397.
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2024-04-24 16:05