Solana’s price recovered significantly on Monday, after experiencing a sharp decline in the previous seven days. It was supported Positive developments on the Bitcoin (BTC), and Ethereum (ETH) market, along with the approval of Exchange-Traded Funds (ETFs) in Hong Kong for these cryptocurrencies.
Solana Addressed It has released a new version to address its network congestion problems.
The New Update Addresses Implementation Bug
You can also read about the following: 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 a design flaw. Mumtaz explained that Solana’s current situation is due to a bug in the implementation of a particular protocol.
You can also read about the following: Anza is a spinoff from Solana Labs. Solana released an update for its client validator software in order to counter this. This update aims at reducing network congestion. It will be followed up by improvements to v1.18.
Anza stressed the importance of this update, and urged MainnetBeta validaters to adopt it. Update enhancements are designed to reduce the ongoing congestion in Solana’s network.
Furthermore, Validators They were told to upgrade when the stake is below 5%. This will give them enough time to monitor their node.
Any problems encountered during the update were to be reported by mb validators. Solana Status (a reliable source) confirmed the announcement and recommended the general release of v1.17.31.
Trent.sol is Solana’s operations and developer manager. The emphasis is on the word “emphasized” The effectiveness of an update will be directly proportional to the adoption rate across the entire network.
The upgrade will primarily focus on improving Solana’s Stake Weighted Quality of Service. This may not have a significant impact on the reliability of traffic unstacked by Tensor Processing Units (TPUs). However, users of Solana were encouraged to maintain delinquency levels below 5%.
Anza also hinted that there are more enhancements on the way, and urged users to keep an eye out for future updates.
Solana price returns with 7% increase
Solana’s price has risen by more than 7% after the company announced updates that will improve network efficiency. The price increase has offset Solana’s ongoing decline, which has amounted at nearly 21% in the last month.
Hong Kong SFC also has a number of other facilities. Officially, You can also check out our website for more information. Several spot Bitcoin ETFs are available, with asset managers like China Asset Management and Bosera Capital. HashKey Capital Limited has also been approved 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 These trends have led to significant increases in the number of people who are able to work.
According to CoinGecko, the trading volume of SOL has dropped by -44.70% over the past 24 hours despite the recent increase in Solana’s price. This indicates a decline in recent market activity. The following are some of the most effective ways to increase your ROI:.
The current Solana trading price, which is $151.40, represents the first hurdle in the path of the cryptocurrency to further gains. The next major resistance is $170. This would mean that SOL has recovered its gains from the last month.
The $130 level has been a solid support for Solana. It represents the basis of SOL’s bullish one-month structure that propelled the price to nearly 3-year highs at $210, on March 18th.
Chart from TradingView.com, image by Shutterstock
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