Solana’s market value increases after notable price rise; SOL rises 17%

In a recent development in the cryptocurrency market, the Solana (SOL) cryptocurrency saw a notable increase in its price on April 23, rising as much as 17% and adding more than $11 billion to its market capitalization.

Given this, the cryptocurrency managed to surpass the two largest assets on the market, Bitcoin (BTC) and Ethereum (ETH), amid their price fluctuations. The recent increase in the price of the Solana token has captured the attention of enthusiasts and investors in the crypto space.

Solana currently ranks fifth among the largest cryptocurrencies on the market and its market capitalization now totals an impressive $69.8 billion. However, Solana price has seen a significant pullback over the past 24 hours.

At the time of publication, the price of Solana was quoted at US$153.53, down 2.5% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$3,569,297,857. In its weekly development, SOL has shown an impressive recovery, increasing its price by 15.4% in the last seven days.

Solana Program Major Update

The Solana network is about to receive a significant upgrade to its infrastructure with version 1.18, scheduled to launch on May 27th in mainnet beta. This new version has the primary objective of solving the congestion problems that have been affecting the network, problems that have been exacerbated recently due to the increase in the number of bot transactions associated with meme coins.

The Solana development team, in partnership with Anza, a prominent infrastructure developer, released version 1.18.11 on devnet on April 13. Validators are currently in the testing phase with this version, and their feedback will be crucial to the success of the mainnet-beta launch. Validators are fundamental in the blockchain ecosystem, as they not only confirm transactions but also help secure the network”, commented one of Solana’s main developers.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.