Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Source Fxstreet
  • Solana blockchain’s troubles could end soon with a release that brings congestion fixes to the chain. 
  • Solana focused devshop Anza came up with a fix for the Web3 infrastructure platform’s failed transactions. 
  • SOL price remains range bound below resistance at $192. 

Solana network is plagued by failed transactions caused by congestion issues on the blockchain. The recent rise in popularity of Solana-based meme coins has resulted in a massive increase in user activity on the SOL blockchain, which has exacerbated the issue. 

Solana congestion troubles could end with a technical release

Over 50% of transactions on the Solana blockchain fail due to congestion issues on the chain. This is based on data from Dune Analytics. The failed transactions have invited criticism from market participants on social media platforms like X. 

SOL

Solana failed transactions on Dune Analytics platform

Solana’s co-founders have previously assured SOL holders that technical teams and engineers are working on a fix to the issue. Anza, a Solana focused devshop, announced the release of a fix for the devnet and recommended it to the testnet as well. The solution addresses the congestion issues faced by the chain and is likely to tackle the problem, once deployed on the mainnet.

SOL price remains range bound

SOL price has traded within a tight range between $162 and $192 since April 2. The range bound price action has seen SOL price move towards the lower boundary, closer to $162. SOL price is $168.32 on Friday, at the time of writing. 

In the past week, SOL price wiped out over 6% of its value. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
U.S. November CPI: How Will Inflation Fluctuations Transmit to US Stocks? Tariffs Are the Key!TradingKey - Inflation exerts a notable impact on the stock market. Since the Trump administration took office, it has imposed substantial tariff hikes, and the effects of this policy have gradually f
Author  TradingKey
13 hours ago
TradingKey - Inflation exerts a notable impact on the stock market. Since the Trump administration took office, it has imposed substantial tariff hikes, and the effects of this policy have gradually f
placeholder
Coinbase Builds a “Universal Exchange” — Wall Street Shrugs. Can COIN Find Its Footing?Coinbase is expanding into stock trading, prediction markets and perpetuals to build a “universal exchange,” but COIN fell over 3% to $244 as Bitcoin hovered near $85,000, even while Deutsche Bank reiterated a Buy and a $340 target amid intensifying competition.
Author  Mitrade
14 hours ago
Coinbase is expanding into stock trading, prediction markets and perpetuals to build a “universal exchange,” but COIN fell over 3% to $244 as Bitcoin hovered near $85,000, even while Deutsche Bank reiterated a Buy and a $340 target amid intensifying competition.
placeholder
Bitcoin Hits $90K as Crypto Market Surge Wipes Out $120M in Short PositionsBitcoin ascended to $90,000 before a swift correction, impacting both long and short positions.Liquidity maneuvers continue to dominate BTC's short-term price dynamics, with recent sessions squeezing short sellers.
Author  Mitrade
15 hours ago
Bitcoin ascended to $90,000 before a swift correction, impacting both long and short positions.Liquidity maneuvers continue to dominate BTC's short-term price dynamics, with recent sessions squeezing short sellers.
placeholder
Gold declines on profit-taking, USD strength ahead of US CPI releaseGold price (XAU/USD) edges lower below $4,350 during the Asian trading hours on Thursday. The precious metal retreats from seven-week highs amid some profit-taking and a rebound in the US Dollar (USD).
Author  FXStreet
16 hours ago
Gold price (XAU/USD) edges lower below $4,350 during the Asian trading hours on Thursday. The precious metal retreats from seven-week highs amid some profit-taking and a rebound in the US Dollar (USD).
placeholder
Australian Dollar deepens losses despite rising Consumer Inflation ExpectationsThe Australian Dollar (AUD) loses ground against the US Dollar (USD) on Thursday for the sixth successive day.
Author  FXStreet
22 hours ago
The Australian Dollar (AUD) loses ground against the US Dollar (USD) on Thursday for the sixth successive day.
goTop
quote