Over the past 24 hours, Solana (SOL) has experienced a 7% increase in an attempt to bounce back from previous market declines. This growth comes as Solana unveils a fresh update intended to address its network congestion problems.
During the recent market slump, Solana (SOL) suffered substantial losses just like Bitcoin (BTC), which dropped to $61,514. The wider market caused SOL to reach a six-week low of $116 on April 13, resulting in a three consecutive day loss.
Solana bounced back from hitting a support level at $116, but then experienced a substantial drop of approximately 21% between April 11 and 13. This represents one of the largest three-day price decreases for Solana in 2023.
After experiencing a significant drop, the cryptocurrency initiated a comeback, leveraging Bitcoin’s resurgence to restore its previous backing points.
Solana continues to climb, striving to reach and sustain the Fibonacci level of $159.91. If it manages to surpass this point and reclaim $170.35, SOL‘s strength may increase, potentially allowing it to challenge the April 5 high of $185.21 in accordance with the Fibonacci 0.786 level.
At its current price of $154.60, the altcoin is approaching a major test at the moving average of $160.67 over the past 50 days. If it manages to surpass this mark, it would suggest that the short-term trend has shifted from negative to positive.
Solana looks to resolve congestion issues
During Solana’s process of bouncing back, initiatives are being pursued to address its distinct traffic jams. The recent popularity of meme coins and wider usage have caused an influx of activity on the network, leading to gridlock and occasional transaction mishaps.
Last week, Anza, a group of developers on the Solana network, released an upgrade, version 1.18.11, for testing on the devnet. They asked validators to assess its effectiveness in addressing congestion problems, signifying one of the first actions towards resolution.
More recently, Anza shared the launch of version 1.17.31 on the mainnet, making it accessible for all users. They emphasized that this update brings fixes to address current traffic problems, serving as a prelude to the official rollout of version 1.18 on the mainnet.
For Solana Beta Mainnet validators: The latest version 1.17.31 release is now suggested for regular use. This update includes improvements intended to ease some of the current network congestion, with more enhancements coming in version 1.18.
— Anza (@anza_xyz) April 15, 2024
Despite facing continuous traffic issues, Solana has successfully minimized extended interruptions. The network encountered its longest disruption of the year on February 6th, which lasted more than four hours.
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2024-04-15 13:00