That’s why the Solana dropped below $150.

Solana Dips Below $140 Amid Network Congestion Fixes


Solana's developers have released an urgent update to deal with the ongoing congestion challenges of the blockchain network.

Anza, a popular infrastructure developer, has successfully released version 1.18.11 to Solana DevNet congestion fix and invited verifiers to test its effectiveness.

Adjusts network target congestion

Solana-based software development firm urges all testnet verifiers to quickly update their systems to facilitate in-depth analysis of the proposed solution.

In recent weeks, Solana has struggled with high transaction failure rates, exacerbated by an influx of bots exploiting the meme coin movement. As a result, many Solana-based protocols have been forced to postpone their work due to network congestion.

coinbase

In particular, there are signs that the situation is improving. On Solana, the leading wallet provider, Phantom, has seen a significant improvement in its transaction success rate.

“Over the last 24 hours, our metrics showed that transactions were landing almost 90% of the time, a 5x improvement from a week ago. Sending and exchanging in Phantom should now be more reliable. If you're still having problems, retrying should be a quick fix,” Phantom said.

Meanwhile, Solana Foundation's head of developer relations, Jacob Creech, praised the network's response to the outage.

“Network Congestion in 2022, Chief Engineers are the main contributors to fixing the problem. We now have Chief Engineers, DAPs, Validators, RPCs, Developers and more laser-focused on UX. Solana's developer community is maturing. We'll get through this and be better for it,” Crick said.

Although Solana improved the network's trading conditions, it posted a 12 percent drop the previous day. This brought the price below $140 for the first time in a month. However, the decline reflected a broader market downturn that led to more than $860 million in crypto liquidations in major assets, including Bitcoin.

This price movement represents a shock event for Solana. SOL prices have soared, increasing by nearly 50% year-on-year. But it has struggled mightily since reaching above $200 in mid-March, falling more than 13 percent in the past week, according to BeinCrypto data.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

Solana price performance YTD. Source: TradingView

These moves have prompted market traders to warn that, depending on the success of the squeeze correction, the current bearish trend could push Solana prices down to $120.

“It's going to be an interesting week for Solana. If that correction takes effect on Monday, I see us going straight back to $200. If not, we will likely see more negative price action and possibly a drop to the $120-130 ranges, writes crypto trader Tor.

Disclaimer

Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news report aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with professionals before making any decisions based on this content. Please note that our terms and conditions, privacy policies and disclaimers have been updated.

Leave a Reply

Pin It on Pinterest