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

Solana (SOL) is experiencing a significant surge of 9% after implementing a major congestion fix on its mainnet. The release of version upgrade v1.17.31 has been highly anticipated by the community and is now available for use by MainnetBeta validators. Over the past few years, Solana has faced severe congestion issues that have negatively impacted applications, investor assets, and its overall reputation. The congestion problems were aggravated by the influx of meme coins on the blockchain, leading to significant performance issues for the network. However, with the introduction of this congestion fix, Solana aims to address these issues directly. Many halted projects are now planning to proceed with their launches, as the network stability has been guaranteed. Consequently, the price of SOL has surged by 9.24% in the past 24 hours to reach $154.43. This growth, albeit following a broader market recovery, signals the return of normalcy and instills trust that the resolution of congestion problems will contribute to the coin’s long-term growth. Solana currently holds the fifth-largest market capitalization among digital currencies, and the revival of its network is expected to drive increased demand, potentially leading to higher prices in the near future.