Solana (SOL) has seen a notable surge of 7% over the last 24 hours, aiming to recover from recent market downturns. This uptick coincides with the release of a new network update aimed at addressing congestion issues plaguing the Solana network.

Recent Market Turbulence: SOL's Response to Downturns

Like many cryptocurrencies, Solana experienced significant losses during the recent market-wide downturn. Falling to a six-week low of $116 on April 13, SOL faced a three-day losing streak, shedding over 21% from April 11 to 13. However, the cryptocurrency has since embarked on a recovery journey, buoyed by Bitcoin's rebound.

Recovery Trajectory and Technical Analysis

Maintaining its upward trajectory, SOL aims to reclaim key support levels lost during the downturn. Targeting the Fibonacci 0.5 level at $159.91, SOL seeks to surpass this mark and reclaim $170.35 to strengthen its position for a potential rally towards the April 5 peak of $185.21, aligning with Fib. 0.786. Currently trading at $154.60, SOL faces a notable challenge at the 50-day EMA of $160.67.

Network Congestion Concerns: Anza's Update to the Rescue

Efforts are underway to address Solana's congestion challenges, exacerbated by increased meme coin trading and adoption. Anza, a group of Solana developers, rolled out version 1.18.11 on the devnet last week, urging validators to assess its reliability. The recent deployment of version 1.17.31 on the mainnet includes improvements aimed at mitigating congestion issues until the official release of version 1.18.

Network Resilience Amid Challenges

Despite congestion challenges, Solana has maintained operational resilience, with downtime largely mitigated. The network's only major outage of the year occurred on Feb. 6, lasting over four hours. Despite these challenges, Solana's continued efforts to enhance network scalability and reliability underscore its commitment to addressing congestion issues and ensuring a seamless user experience.