The last few weeks have been rather volatile for the Solana ecosystem. User complaints derived from a congested network have riddled the blockchain and threatened its tremendous success so far this year. Now, Solana developers have set a mid-April network update as SOL is confronting a potential 17% price correction.
Users have faced increased transaction failures over the last several weeks due to the overall increase in usage of the network. Subsequently, Helius Labs CEO Mert Mumtaz noted the issue was an “implementation bug.” Thereafter, he stated that a patch would be set to arrive on April 15th.
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Solana (SOL) Approaches Bearish Rally as Network Update is in Motion
For the last several months, Solana has been at the forefront of DEX volumes and activity. Its role in March’s meme coin frenzy that swept the industry positioned it well to take advantage of increased interest. However, that came with the side effect of network congestion, which increased transaction failure occurrences.
Subsequently, Solana developers have set a mid-April network update, as SOL may be poised to experience a 17% decline in price. Indeed, Mumtaz took to X (formerly Twitter) to share the ETA of a patch that would address the network issues over the last several weeks. Although he said further issues would leave the date subject to change, they expect April 15th to see the patch arrive.
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Yet, that may not be enough to rescue Solana (SOL) from a bearish price development. The asset is at risk of facing a tremendous price correction that would derive from diminishing investor support. Specifically, the asset must break through the $172 level, and rebound further.
Failure to breach that mark would leave the asset susceptible to a further decrease to the $142 mark. Currently, the asset is trading at $175, but is currently down more than 2.7% over the last 24 hours, according to CoinMarketCap. That could create further declines if it falls below support.
The announced update for congestion fixes could entice some investors to embrace SOL all the more. However, the planned patch has yet to positively affect the price in its current state. Only time will tell what occurs at the critical $172 level.