Solana (SOL) Price Rebounds with New Update Release

Solana (SOL) has seen a 7% surge in the last 24 hours as it aims to recover from recent market downturns. This growth comes alongside a new update release focused on resolving the network’s congestion issues.

SOL Price Movement

During the recent market-wide downturn, Solana experienced significant losses, dropping to a six-week low of $116 on April 13. Despite this, the cryptocurrency has rebounded from the support level and is now trading at $154.60.

Following a decline of over 21% from April 11 to 13, Solana is on a recovery path, aiming to hold the Fibonacci 0.5 level at $159.91. Surpassing this level and reclaiming $170.35 could strengthen SOL’s position to target the April 5 peak of $185.21.

The altcoin is currently facing a challenge at the 50-day EMA of $160.67, with a breakthrough above this indicator signaling a shift in short-term momentum from bearish to bullish.

Solana’s Efforts to Resolve Congestion Issues

As Solana continues its recovery journey, efforts are underway to address its congestion challenges. The surge in meme coin trading and increased adoption have led to heightened network activity, resulting in congestion and sporadic transaction failures.

Anza, a group of Solana developers, recently released version 1.18.11 on the devnet to tackle congestion issues. This update has now been deployed on the mainnet as version 1.17.31, with additional improvements to alleviate congestion until the official release of version 1.18.

“@Solana MainnetBeta validators: the v1.17.31 release is now recommended for general use. This patch contains enhancements which will help alleviate some of the ongoing network congestion, and will be followed by further enhancements in v1.18. Please upgrade when there’s less…” – Anza

Despite ongoing congestion challenges, Solana has effectively mitigated any significant downtime. The network experienced its only major outage of the year on Feb. 6, lasting for over four hours.

For more updates and news on cryptocurrencies like Solana, continue exploring Global Crypto News.

Post Views: 2