Solana has been on a tear, surging past $200 in a rally that began late last year. This impressive climb has left many altcoins in the dust, attracting significant investor attention. However, there's a shadow cast over this success story - network congestion issues continue to plague Solana.

Despite these problems, Bernstein analysts recently weighed in on Solana's position. They see Solana as a frontrunner in the ongoing battle for dominance in blockchain payments. This aligns with reports from The Block. However, the analysts also highlight scalability as a persistent challenge for Solana.

In a client note, Bernstein analysts led by Gautam Chhugani and Mahika Sapra delve deeper into Solana's leadership and its struggles. They point to a significant shift - Solana capturing a majority market share (peaking at 43%) in transferred stablecoin value compared to Ethereum, the previous leader. Additionally, a revival in the stablecoin market signals growth in liquidity and a more positive investor outlook. Yet, the analysts emphasize scalability as the most critical issue for SOL. They note that while Solana aspires to be a global payment network for cross-border transactions, it hasn't yet broken into mainstream consumer or B2B payments, despite pilot programs with Visa and Shopify.