Bittime - Recently, Solana blockchain users have experienced failed transactions. In response, the developer released the crypto update version 1.17.31.
This update aims to address network traffic spikes, so it is expected to significantly improve the user experience.
On the other hand, SOL is showing signs of recovery after experiencing a price decline on Saturday, April 13, and has the potential to experience an increase again.
Solana Rolls Out Crypto Update to Address Network Congestion
In response to Solana community reports of various technical issues causing network congestion, the blockchain development team has rolled out the version 1.17.31 fix update.
This update is the first step in a series of code improvements designed to permanently address excessive computing load on network nodes and improve the overall user experience.
The Solana Foundation recommends that validators running mainnet update their software to the latest version.
The latest changes launched a few days ago on the testnet, thanks to the collective contribution of Anza as Agave Client Manager, successfully resolved the network congestion problem through the implementation of the SWQOS transaction priority definition scheme.
According to Anza's Developer Relations Manager, Rex St John, the benefits that validators get from staking are quite good.
Quoted from Cryptonomist, this priority scheme is designed to prevent low-quality validators from flooding the network with unnecessary transactions.
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Solana Improvement Efforts Bring New Hope After Memecoin Storm
The improvement efforts carried out by the Solana team bring a new glimmer of hope for users of the blockchain platform.
This follows a tumultuous period due to the memecoin surge causing transaction failures on a large scale.
Increased On-Chain Volume
In March, when on-chain volume experienced an 8-fold increase from the previous month (from 500 million to 4 billion dollars), it was estimated that around 70% of Solana transactions were unsuccessful.
This surge in activity was fueled by the phenomenal popularity of memecoins, but unfortunately put a strain on the blockchain infrastructure.
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Solana Trading Activity Surge
In addition to the spike in activity, the intensive use of trading bots to trade memecoins is also thought to have contributed to the technical difficulties experienced by Solana. This bot activity adds load to the network and slows down the transaction validation process.
Non-Vote Transactions show a downward trend of up to 57% in the last few days. This figure is predicted to experience a drastic decrease if the crypto update is successfully completed without any obstacles.
Also read: Binance Launches New Pair Trading Spot and Robot Trading Services, There are ATOM, RNDR, and SAGA!
SOL Crypto Price Analysis: Price Recovery Post Weekend Drop
The price of the crypto asset Solana (SOL) is showing signs of recovery after experiencing a sharp decline on Saturday.
Amid blockchain developer Solana's efforts to address network congestion issues through mainnet updates, SOL seems determined to continue its upward trend.
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SOL Price Traffic Notes
A significant decline occurred on April 13, where SOL prices plunged 9.59%, continuing the sell-off from the previous day which broke the daily 50 EMA support.
However, in the last 24 hours, SOL managed to bounce back above $150, raising buyers' optimism for a continuation of the positive rally.
It should be noted that trading volumes during this period of price fluctuation are relatively high. The RSI14 indicator also shows a move to the 30 zone, which could potentially signal the end of the correction period.
The next step for SOL is to break back through the $160 level and consolidate above it. The next target is $180 and beyond.
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime .
Monitor price chart movements for Solana (SOL) , Bitcoin (BTC) , Ethereum (ETH) , and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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