Solana developers have released an urgent update to address persistent congestion issues on the blockchain network.
Anza, a prominent infrastructure developer, has successfully deployed version 1.18.11 to fix congestion on Solana Devnet and invited validators to test its effectiveness.
Network fixes destination identity
The Solana-focused software development company urged all testnet validators to immediately upgrade their systems to facilitate a thorough analysis of the impact of proposed solutions.
Over the past few weeks, Solana has been grappling with high transaction failure rates, exacerbated by an influx of bots exploiting meme coin activity. As a result, several Solana-based protocols were forced to delay their launches due to network congestion.
In particular, there are signs that the situation may be improving. Solana’s primary wallet provider, Phantom, reported a significant improvement in transaction success rates.
“Over the last 24 hours, our metrics show that transactions took place almost 90% of the time, which is almost a five-fold improvement from a week ago. Transfers and exchanges on Phantom will now be much more reliable. If you’re still having trouble, try again and we’ll fix it quickly.” Phantom said.
Meanwhile, Jacob Creech, head of developer relations at the Solana Foundation, praised the network’s response to the congestion issue.
“During network congestion in 2022, our key engineers were key contributors to solving the problem. Now our core engineers, dapp, validators, RPC, developers, etc. are focusing on improving the UX. Solana’s developer community is maturing. We will overcome this and achieve better results.” Creech decided.
Despite improving trading conditions on the network, Solana has seen a 12% decline over the past day. This brought the price below $140 for the first time in a month. But the decline reflected a broader market downturn that triggered the liquidation of more than $860 million in cryptocurrencies across major assets, including Bitcoin.
These price movements represent a shocking event for Solana. The price of SOL is on an upward trend, up about 50% year to date. However, it has struggled considerably, falling more than 13% over the past week since peaking above $200 in mid-March, according to BeInCrypto data.
Read More: Solana (SOL) Price Prediction for 2024/2025/2030
The move has market traders warning that the current downtrend could push Solana’s price down to $120, depending on whether it succeeds in resolving the congestion issue.
“It will be an interesting week for Solana. If that fix works on Monday, you could be right back down to $200. Otherwise, we will probably see more negative price action, possibly a decline to the $120-130 range,” wrote cryptocurrency trader Thor.
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