Lately, Solana (SOL) has gained significant attention in the cryptocurrency world due to ongoing network congestion, which cast doubt on its ability to compete with established platforms like Ethereum (ETH).
Nevertheless, recent measures to tackle these issues appear to be effective. According to a SolanaFloor update from April 24, the congestion has been resolved, with transaction confirmations now taking less than two seconds.
![](https://sollcrypto.com/wp-content/uploads/2024/04/Screen-Shot-2024-04-24-at-10.01.10-PM.png)
As of the time of publication, Solana was trading at $152.27, reflecting a daily decline of over 3%. However, on the weekly chart, Solana has seen a gain of 17%.
![](https://sollcrypto.com/wp-content/uploads/2024/04/Screen-Shot-2024-04-24-at-10.01.44-PM.png)
Additional Fundamentals for Solana (SOL)
Besides the effect of the congestion resolution, Solana (SOL) faces other significant factors that might impact its trajectory toward a $200 valuation. A key consideration is the upcoming auction of a large amount of FTX’s Solana assets, which could exert downward pressure on SOL’s price.
On the positive side, Brazil’s digital bank, Nubank, recently expanded its cryptocurrency offerings to include Solana, allowing users to deposit and withdraw SOL. This move indicates a growing institutional interest in Solana, potentially fueling positive market sentiment.
Reaching the $200 mark for SOL will depend on several factors: the network’s continued ability to operate smoothly, market sentiment, broader macroeconomic trends, and how well Solana can maintain momentum with meme coins on its platform.