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

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Written By Maya Cantina

Mon, 15/04/2024 – 11:09

Cover image via www.freepik.com

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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.

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For the past few years, Solana has faced massive congestion that has caused a lot of damage to applications hosted on it, investor’s assets and, ultimately, its reputation. The congestion issues became compounded by the explosion of meme coins on the blockchain. These meme coins helped Solana outpace Ethereum in key trading metrics, however, they also created a major performance issue for the network.

According to the new upgrade, Solana confirmed that the released fix will directly help address the congestion issues it is facing. Before this release, many developers and validator clients, like Anza, had released major updates on the testnet as a concerted effort was invested in helping address network woes across the board.

With this fix, many halted project launches have expressed plans to proceed, with plans to go live as network stability is now guaranteed.

Solana (SOL) price response

The new release of the Solana congestion fix has sent the price of SOL up by 9.24% in the past 24 hours to $154.43. While this growth trails a broader market recovery from the weekend onslaught, the return of normalcy and the trust that the resolution of congestion woes will bring should help notably boost the growth of the coin in the long term.

At the moment, Solana is ranked the fifth largest digital currency by market capitalization, and with a revived network, demand for Solana is poised to grow, helping to contribute to the supply crunch that can drive prices higher soon.

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