SOL plunges 12% as Ledger documents significant congestion on Solana network
The Solana network is once again facing congestion and commission issues, as stated in a recent support post by Ledger on March 19. Users may encounter network or transaction error messages due to the increased network congestion. This can occur when trying to send, stake, or cancel Solana (SOL) on Ledger Live.
To overcome this problem, users were advised to attempt the SOL transaction multiple times until it successfully goes through. Alternatively, users can try connecting their Ledger to a compatible third-party wallet like Phantom, Solflare, or Backpack.
However, some users argue that the issues with Ledger are not a result of Solana being overwhelmed. One user suggested that the Ledger team should update their code, while another user supported this statement and criticized Ledger.
Amidst the reports of network congestion, SOL has experienced a decline in price. Within the last 24 hours, the coin’s value has dropped by 12%, reaching $177. However, this sharp decrease in token value could also be attributed to a correction after the price of Solana’s native token, SOL, surpassed $200 on March 18.
The Solana ecosystem has been flourishing in recent weeks, with decentralized exchanges (DEX) experiencing record-breaking trading volume and the total value of assets locked in defi protocols (TVL) reaching new heights. This significant increase in transaction volume can be attributed to two main factors: low network fees and the growing popularity of meme coins like Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME).
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