Solana recently admitted they are facing a series of issues that are hindering the operation of the network.
The report was made available by the project's Solana Status Twitter account, which notified users of the congestion yesterday.
“[The network is experiencing] performance degradation due to an increase in high compute transactions, reducing network capacity to several thousand transactions per second. This leads to increased transaction load and processing times, and causes some transactions to fail.”
At the time of writing, the issue is still unresolved. It is known that the developers are still working to resolve these issues.
Throughout recent times, the Solana network has been consistently slow or down for short periods of time due to resource exhaustion issues. However, even in the face of all these problems, Solana's total transactions far outstripped its rivals in December, with transactions recorded up to 45 billion.
And also in 2021, the SOL token is one of the best performing altcoins, with a gain of over 6.000% in just 1 year, taking the price of SOL from the $3 region to peaking at almost $260. SOL is currently trading at $146.5, up more than 5% in the last 24 hours and down about 43% from its peak.