Today, Solana (SOL) is well above the $150 resistance level, indicating that it is in a recovery phase. As of this writing, Solana is trading for $157.08 on spot markets, up 1.81% over the previous day, according to data from CoinMarketCap.
Solana network recovery as catalyst
For a while now, Solana has been in a holding pattern, with dangerous network congestion hindering its overall expansion. The Solana block production, with an average block duration of two seconds, appears to have stabilised, according to a recent update.
Rebooting network health is shown by the fact that 409 out of 409 transactions were apparently validated on the Solana network, according to statistics from SolanaFloor. This particular network comeback is full of encouraging signs, and there may be a concomitant increase in demand for SOL.
https://x.com/SolanaFloor/status/1783012311936164250
Many initiatives that were about to debut were forced to abandon ship due to the dire network congestion on Solana. A few other initiatives held off on launching until the situation cleared.
The most recent Block production report may have prepared Solana bulls for a full comeback.
Solana developers to get praise
Solana was created to improve retail acceptance as well as business adoption. As the company’s development trajectory was threatened by congestion problems, cofounder Anatoly Yakovenko and other ecosystem entrepreneurs quickly came up with fixes.
An important milestone was reached earlier this month when the core Solana team released a significant repair on the testnet. Still, modifications developed by other validator clients, such as Anza, improved the Solana blockchain as a whole.
Overall, as indicated by the more than 24.5% increase in trade volume to $3,142,785,397, the ecosystem is looking forward to a bright future.
