The Solana price saw a notable recovery on Monday after a sharp decline over the past seven days. This was supported by the positive developments in the bitcoin (btc) and ethereum (eth) markets, which came alongside the approval of exchange-traded funds (ETFs) for both cryptocurrencies in Hong Kong.
Furthermore, Solana x.com/SolanaStatus/status/1779727821834686592″ target=”_blank” rel=”nofollow”>managed your current network congestion issues with a new update, aiming to rectify transaction glitches and disruptions.
New update that fixes the implementation error
x.com/0xMert_/status/1777400489488900102″ target=”_blank” rel=”nofollow”>According According to Mert Mumtaz, CEO of Helius Labs, Solana's recent network congestion issues were attributed to an implementation error rather than a fundamental design flaw. Mumtaz clarified that Solana's current situation is due to a failure to implement a specific protocol.
x.com/anza_xyz/status/1779735137800028257″ target=”_blank” rel=”nofollow”>According For Anza, a subsidiary of Solana Labs, Solana has released a new update to its validator client software to combat this. The update, v1.17.31, aims to reduce network congestion and will be followed by further improvements in v1.18.
Anza emphasized the importance of the update and urged MainnetBeta validators to adopt it. The improvements introduced in the update are expected to mitigate current congestion issues on the Solana network.
Besides, validators They were advised to upgrade their systems when there is less than 5% delinquent participation, ensuring that they have enough time to monitor the node after the upgrade.
Any issues found during the upgrade had to be reported to mb validators. Solana Status, a reliable source, corroborated the announcement and recommended version v1.17.31 for general use.
Trent.sol, Director of Operations and Developers at Solana, x.com/trentdotsol/status/1779732609993494545″ target=”_blank” rel=”nofollow”>emphasized that the effectiveness of the update would be proportional to its adoption throughout the network.
While the improvements primarily target Solana's participation-weighted quality of service (SWQOS) and may not result in significant changes to the reliability of non-stacked Tensor Processing Unit (TPU) traffic, Solana users are recommended that kept delinquencies below 5% during the updating process.
Additionally, Anza hinted at additional improvements in the works, urging users to stay tuned for more updates.
Solana price recovers with a 7% increase
After introducing updates to improve network efficiency, Solana's price increased by more than 7%. This increase has helped offset the current downward trend experienced by Solana, which rose to almost 21% over the last month.
Furthermore, the Hong Kong SFC has officially approved several bitcoin and ethereum spot ETFs, including asset managers such as China Asset Management, Bosera Capital, HashKey Capital Limited and an in-principle approval for Harvest Global Investments.
This regulatory approval has not only had a positive impact on the prices of bitcoin and ethereum, but has also instilled a sense of positivity in the overall cryptocurrency market. As a result, the Top 10 Cryptocurrencies have witnessed significant bullish trends, riding the wave of these events.
Despite the recent increase in Solana price, SOL trading volume has decreased by -44.70% in the last 24 hours, indicating a recent decline in market activity, according to CoinGecko. data.
Solana's current trading price of $151.40 presents the first hurdle on the cryptocurrency's path to further price gains. If this hurdle is cleared, the next significant resistance lies at $170, which would signify a recovery of SOL's gains recorded over the past month.
On the other hand, the $130 mark has proven to be a strong support level for Solana, representing the foundation of SOL's one-month bullish structure, which fueled its price rally to nearly three-year highs of $210. On March 18th.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
