Solana (SOL) skilled a ten% enhance in worth, reaching a buying and selling worth of $203 following a swift decision of transaction delays on the U.S.-based cryptocurrency change Coinbase.
Regardless of current delays in transaction processing for each Solana and Ethereum on Coinbase, the platform has assured customers that their funds remained safe all through the ordeal.
Coinbase encountered a snag in its Solana transactions on March 17, 2024, resulting in delayed sends for some customers. The hiccup, described on Coinbase’s official web page, occurred exactly at 12:09 PDT, marking a second of concern among the many digital foreign money’s holders.
An identical incident unfolded with Ethereum transactions later the identical day, with delays being promptly addressed inside the hour. Coinbase emphasised that actions corresponding to shopping for, promoting, and fiat transactions remained unaffected by these glitches.
Curiously, this isn’t the primary occasion of transaction delays for Coinbase customers, as related experiences emerged on Reddit three days prior, highlighting points with crypto belongings showing “caught” in wallets.
Amid these technical challenges, Solana not solely recovered but additionally thrived, showcasing a ten% enhance within the final 24 hours and a formidable 45% climb over the previous week. On March 17, Solana outpaced Ethereum and different Ethereum Digital Machine (EVM)-based Layer-2 options in 24-hour transaction quantity, amassing a complete of $3.654 billion towards Ethereum’s $2.397 billion, as reported earlier by Crypto.information.
Solana’s newest surge in worth has catapulted the cryptocurrency into the highlight, with Google Trends indicating a search reputation rating of 100 for Solana, the very best in its five-year historical past. The height in curiosity surpasses the earlier document of 84 set in early September 2021.
Nevertheless, Solana’s speedy ascent comes at a time when the network faces severe congestion, probably affecting transaction processing and general community efficiency. Traditionally, Solana has been celebrated as a quick and cost-effective blockchain answer, usually dubbed as a possible competitor to Ethereum. But, the current congestion and historic outages pose important challenges, elevating considerations over community reliability and the affect on Solana’s market positioning.