The cryptocurrency SOL experienced a significant drop in value on April 13, reaching a six-week low of $116. This decline was part of a three-day losing streak, reflecting the broader market trend.
However, despite this setback, Solana has been working towards a recovery, targeting the Fibonacci 0.5 level at $159.91. The increased trading of meme coins and growing adoption of Solana have led to higher network activity.
This surge has resulted in congestion and occasional transaction failures. Efforts have been made to address these congestion issues, with Anza recently deploying version 1.17.31 on the mainnet, making it available for public use.
It’s worth noting that the network experienced its only major outage of the year on February 6, which lasted for over four hours. This outage may have had an impact on the network’s performance and user experience, but it appears that steps are being taken to improve and stabilize the network.