Solana witnesses 10% surge amidst Coinbase’s resolved transaction delays

Solana (SOL) experienced a 10% increase in price, reaching a trading value of $203 following a swift resolution of transaction delays on the U.S.-based cryptocurrency exchange Coinbase.

Despite recent delays in transaction processing for both Solana and Ethereum on Coinbase, the platform has assured users that their funds remained secure throughout the ordeal.

Coinbase encountered a snag in its Solana transactions on March 17, 2024, leading to delayed sends for some users. The hiccup, described on Coinbase’s official page, occurred precisely at 12:09 PDT, marking a moment of concern among the digital currency’s holders.

A similar incident unfolded with Ethereum transactions later the same day, with delays being promptly addressed within the hour. Coinbase emphasized that activities such as buying, selling, and fiat transactions remained unaffected by these glitches.

Interestingly, this isn’t the first instance of transaction delays for Coinbase users, as similar reports emerged on Reddit three days prior, highlighting issues with crypto assets appearing “stuck” in wallets.

Amid these technical challenges, Solana not only recovered but also thrived, showcasing a 10% increase in the last 24 hours and an impressive 45% climb over the past week. On March 17, Solana outpaced Ethereum and other Ethereum Virtual Machine (EVM)-based Layer-2 solutions in 24-hour transaction volume, amassing a total of $3.654 billion against Ethereum’s $2.397 billion, as reported earlier by Crypto.news.

Solana’s latest surge in price has catapulted the cryptocurrency into the spotlight, with Google Trends indicating a search popularity score of 100 for Solana, the highest in its five-year history. The peak in interest surpasses the previous record of 84 set in early September 2021.

However, Solana’s rapid ascent comes at a time when the network faces severe congestion, potentially affecting transaction processing and overall network performance. Historically, Solana has been celebrated as a fast and cost-effective blockchain solution, often dubbed as a potential competitor to Ethereum. Yet, the recent congestion and historical outages pose significant challenges, raising concerns over network reliability and the impact on Solana’s market positioning.