Solana prices made a notable recovery on Monday after a significant decline over the past seven days. This was supported by positive developments in the Bitcoin (BTC) and Ethereum (ETH) markets, alongside the approval of exchange traded funds (ETFs) for both cryptocurrencies in Hong Kong.
Additionally, Solana dealt with The new update aims to resolve ongoing network congestion issues and fix transaction failures and outages.
New update addressing implementation bugs
According to Helius Labs CEO Merct Mumtaz, Solana's recent network congestion issues are due to implementation bugs rather than fundamental design flaws. Mumtaz revealed that Solana's current predicament stems from flaws in the implementation of certain protocols.
According to Solana Labs spinoff Anza, Solana has released a new update to its validator client software to address this. Update v1.17.31 aims to reduce network congestion, and v1.18 will bring further improvements.
Anza emphasized the importance of the update and urged MainnetBeta validators to adopt it. The enhancements introduced in this update are expected to alleviate the network congestion issues Solana is currently experiencing.
moreover, validator It was advised to upgrade the system when the delinquent stake is less than 5% and to allow sufficient time to monitor the nodes after the upgrade.
Any issues encountered during the upgrade had to be reported to mb-validators. Solana Status, a trusted source, confirms this announcement and recommends the v1.17.31 release for general use.
Trent.sol, developer and operations manager at Solana. emphasized This means that the effectiveness of an update is proportional to its adoption across the network.
This improvement primarily targets Solana's stake-weighted quality of service (SWQOS) and may not result in a significant change in reliability for unstacked Tensor Processing Unit (TPU) traffic, but Solana users will It is recommended to keep the delinquency rate below 5% during the upgrade process.
Additionally, Anza hinted at further enhancements to the pipeline and urged users to stay tuned for future updates.
Solana price soars 7% to rebound
Solana's price increased by more than 7% after announcing updates to improve network efficiency. This surge has helped offset the ongoing downtrend his Solana has experienced, reaching nearly 21% over the past month.
In addition, Hong Kong SFC has Formally approved In-principle approval of several Spot Bitcoin and Ethereum ETFs, including asset managers such as China Asset Management, Vocera Capital, Hashkey Capital Limited, and Harvest Global Investments.
This regulatory approval not only had a positive impact on the prices of Bitcoin and Ethereum, but also instilled a sense of positivity throughout the crypto market. the result, Top 10 cryptocurrencies Riding the wave of these developments, there has been a significant upward trend.
According to CoinGecko, despite the recent spike in Solana price, SOL trading volume has decreased by -44.70% in the past 24 hours, indicating a decline in recent market activity. data.
Solana’s current trading price of $151.40 is the first hurdle for the cryptocurrency to move higher. If this hurdle is crossed, the next key resistance lies at $170, which would imply a recovery in SOL's gains recorded over the past month.
Meanwhile, the $130 mark has proven to be a strong support level for Solana, representing the basis of SOL's one-month bullish structure and pushing the price upwards to the first in nearly three years on March 18th. It pushed the price to a high of $210.
Featured image from Shutterstock, chart from TradingView.com
