Recently, Solana (SOL) has been facing challenges with transaction failures leading to a decrease in its price by over 8% in the past 24 hours. However, the Head of Strategy at Solana Foundation, Austin Federa, has spoken up about the issue and outlined the steps that will be taken to address it.

According to Federa, the Solana network is currently experiencing high traffic which is putting it to the test. To tackle this situation, bug fixes are set to be implemented within the next week. While Federa remains optimistic that improvements will be seen, he emphasized that addressing these issues will require continuous efforts to scale up the systems to meet the growing demand.

He also highlighted that scaling up is an ongoing process and not a one-time fix. This means that the implementation of the solution may take some time. Despite the challenges, Federa acknowledged the dedication and contributions of the diverse group of core contributors to the Solana network.

Furthermore, Federa compared the current situation to early 2022, when similar challenges were faced by Solana. Although there were doubts expressed at that time, he brushed off concerns about FUD (Fear, Uncertainty, and Doubt). As a result of the recent setbacks, Solana dropped from its position as the 4th largest cryptocurrency, with the SOL price seeing declines of 8% in 24 hours and 7% in the last 7 days.

Solana's average trading price is currently at $172.59, with a 24-hour trading volume increase of 57%, totaling $5.57 billion and a market cap of $76.8 billion. Recent data from Dune Analytics revealed a significant increase in transaction failures on the Solana network, particularly with three-quarters of non-vote transactions failing on April 4. These failures have contributed to negative feedback from users and a decline in the overall user experience.