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Solana (SOL) is in a recovery mode today with its price visibly breaching the $150 resistance point. At the time of writing, data from CoinMarketCap shows that Solana is up by 1.81% in the past 24 hours and is changing hands for $157.08 on spot exchanges.
Solana network recovery as catalyst
Solana has been in a state of limbo for some time, with menacing network congestion acting as a major bane to its growth overall. However, a recent update indicates that the Solana block production has now returned to its normal level with an average block time of two seconds.
Godfrey BenjaminPer data from SolanaFloor, a total of 409 out of 409 transactions were reportedly confirmed on the Solana network, indicating rebooting network health. There are many positive omens surrounding this unique network rebound, and there might be an accompanying surge in the demand for SOL.
The menacing network congestion on Solana forced a number of projects that had already planned their respective launches to jump ship. Other projects halted their respective debut until when the coast became clear.
With this latest Block production update, Solana bulls might now be ready for a complete rebirth.
Solana developers to get praise
Solana was designed to enhance both enterprise adoption and retail embrace. With congestion issues threatening to derail its growth path, cofounder Anatoly Yakovenko and other innovators within the ecosystem sprang into action with proposals to fix the bug.
A breakthrough was recorded earlier this month when a major fix was deployed on the testnet by the core Solana team. However, other validator clients like Anza also created patches that contributed to the overall enhancement of the Solana blockchain.
In all, the ecosystem is eyeing a promising future ahead, as teased by the more than 24.5% jump in trading volume to $3,142,785,397.
Arman Shirinyan
Vladislav Sopov
Dan Burgin