Solana’s stock price rose on Monday following a dramatic drop over the last seven days. The price of Solana recovered significantly on Monday after a steep decline over the past seven days. supported The positive development in Bitcoin (BTC), Ethereum (ETH), and the Hong Kong approval of ETFs for the two cryptocurrencies.
Solana addressed The update aims to fix transaction failures, and restore service.
The New Update Addresses Implementation Bug
According Mert Mumtaz is the CEO of Helius Labs. According to him, Solana’s recent issues with network congestion were caused by an implementation bug, rather than by a design flaw. Mumtaz explained that Solana’s current situation is due to a bug in the implementation of a particular protocol.
According Anza is a spinoff from Solana Labs. Solana released an update for its client validator software in order to counter this. Update v1.17.31 aims at reducing network congestion. Further improvements will come in v1.18.
Anza highlighted the significance of the MainnetBeta update and encouraged validators to implement it. Solana is expected to benefit from the enhancements in this update, which will help reduce network congestion.
Furthermore, validators You are advised to upgrade When there are less than 5% of delinquents, they can use their system. stakeThey should allow enough time for the monitoring of the node. upgrade.
What if you encounter any problems? upgrade were to be reported to mb-validators. Solana Status is a trustworthy sourceThe announcement was confirmed by, who recommended the general release of v1.17.31 for use.
Trent.sol is Solana’s operations and developer manager. emphasized The effectiveness of an update will be directly proportional to the adoption rate across the entire network.
Users of Solana were advised that delinquency should not exceed 5% in the period between the implementation of these improvements and the launch of SWQOS. upgrade process.
Anza promised that more improvements are in the works and encouraged users to remain tuned.
Solana Prices Rebound with 7% Increase
Solana’s price has risen by more than 7% after the company announced updates that will improve network efficiency. This price surge helped to offset Solana’s downward trend, which was nearly 21 percent over the past 30 days.
Hong Kong SFC is also a member of the SFC. officially You can also check out our website for more information. There are several Bitcoin and Ethereum spot ETFs. Asset managers include China Asset Management Bosera Capital and HashKey Capital Limited. Harvest Global Investments has received an approval in principle.
The regulatory approval not only has a positive impact on the price of Bitcoin and Ethereum, but also has a feeling of optimism in the entire cryptocurrency market. The cryptocurrency market has been boosted by this regulatory approval. top 10 cryptocurrencies The market has seen significant growth, riding the wave of this development.
CoinGecko reports that despite the recent rise in Solana’s price, SOL’s trading volume decreased by -44.70% within the last 24 hour, showing a recent drop in market activity. data.
The current Solana trading price, which is $151.40, represents the first hurdle in Solana’s way to further gains. Once this obstacle is overcome, then the cryptocurrency’s price will continue to rise. next Significant resistance is at $170. This would mean a return of SOL’s gains over the last month.
In contrast, Solana’s price has risen to $210, a three-year high, on March 18, after the $130 support mark was reached.
Charts from TradingView.com and Shutterstock.
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