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


  • 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. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Price Forecast: BTC pops above $82,000, setting new all-time high

Bitcoin Price Forecast: BTC pops above $82,000, setting new all-time high

Bitcoin trades around $82,000 on Monday, having reached a new all-time high of $82,471 earlier in the day and extending last week’s 17% rally. Optimism in crypto markets is widespread after the victory of crypto-friendly candidate Donald Trump in the US presidential election. 

More Bitcoin News
Former Pimco, Millennium executives launch crypto advisory firm

Former Pimco, Millennium executives launch crypto advisory firm

Former Millennium and Pimco executives Benoit Bosc and Michael Bressler are re-entering crypto with the launch of their new advisory firm, x2B, in November. x2B will focus on crypto projects for advice on raising, tokenomics, market-making, exchange listing, and treasury management. 

More Cryptocurrencies News
Dogecoin extends gains as traders assess Elon Musk’s role in upcoming Trump administration

Dogecoin extends gains as traders assess Elon Musk’s role in upcoming Trump administration

Dogecoin extends its gains on Monday and trades around $0.28 after rallying over 83% in the previous week, buoyed by the victory of crypto-friendly candidate Donald Trump in the US presidential election and its promotion by Trump supporter Elon Musk. 

More Dogecoin News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC reaches a new all-time high near $81,800

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC reaches a new all-time high near $81,800

Bitcoin reached a new all-time high of $81,846 on Monday, while Ethereum and Ripple are following suit and nearing their crucial resistance levels; a strong close above these levels could fuel further rally for both assets.

More Cryptocurrencies News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP