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
Gold Price Forecast: XAU/USD struggles to extend recovery above 20-day EMAGold price (XAU/USD) is down 0.8% to near $4,140 during the European trading session on Monday. The precious metal faces selling pressure as the three-day rally hits a pause after failing to extend above $4,202.
Author  FXStreet
Jul 06, Mon
Gold price (XAU/USD) is down 0.8% to near $4,140 during the European trading session on Monday. The precious metal faces selling pressure as the three-day rally hits a pause after failing to extend above $4,202.
placeholder
Gold rebounds above $4,350 as US Dollar, Treasury yields slipGold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.
Author  FXStreet
Yesterday 01: 29
Gold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.
placeholder
Gold rebounds past $4,400 as rate-hike odds cool ahead of NFPGold is back above $4,400 after weak ADP data cut September rate-hike odds to ~58%. XAU/USD rebounded from Wednesday's $4,282 low; Friday's NFP is the next catalyst.
Author  Irene Q.
Yesterday 09: 21
Gold is back above $4,400 after weak ADP data cut September rate-hike odds to ~58%. XAU/USD rebounded from Wednesday's $4,282 low; Friday's NFP is the next catalyst.
placeholder
Gold rebounds above $4,450 as Waller tempers Fed rate hike bets ahead US jobs dataGold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday. 
Author  FXStreet
11 hours ago
Gold price (XAU/USD) gains momentum to around $4,470 during the early Asian session on Friday. The precious metal extended its recovery as Federal Reserve (Fed) rate hike bets ease. All eyes will be on the US August Nonfarm Payrolls (NFP) report, which is due later on Friday. 
placeholder
Yen hits one-month high on BOJ September-hike bets; AUD/JPY cracks support as carry unwindsUSD/JPY has tumbled from the 160 area to a one-month low near 155.2 in two sessions as Bank of Japan hike bets for the Sept 17-18 meeting intensify. AUD/JPY has broken below 112.7, flagging carry-trade stress. A test of 155.21 - and then 153 - is now in focus.
Author  Suzie
5 hours ago
USD/JPY has tumbled from the 160 area to a one-month low near 155.2 in two sessions as Bank of Japan hike bets for the Sept 17-18 meeting intensify. AUD/JPY has broken below 112.7, flagging carry-trade stress. A test of 155.21 - and then 153 - is now in focus.
Related Instrument
goTop
quote