Solana Price Jumps 7% On Bitcoin And Ethereum ETF Approvals, Network Congestion Update
15 Abril 2024 - 4:00PM
NEWSBTC
Solana’s price saw a notable recovery on Monday after a steep
decline over the past seven days. This was supported by 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. Additionally, Solana
addressed its ongoing network congestion issues with a new update,
aiming to rectify transaction failures and outages. New Update
Tackling Implementation Bug According to Mert Mumtaz, CEO of Helius
Labs, Solana’s recent network congestion issues were attributed to
an implementation bug rather than a fundamental design flaw. Mumtaz
clarified that Solana’s current predicament results from a flaw in
implementing a specific protocol. According to Anza, a
spin-off 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 update’s significance,
urging MainnetBeta validators to adopt it. The enhancements
introduced in the update are expected to mitigate Solana’s ongoing
network congestion issues. Related Reading: Bitcoin Goes Pro:
UFC Winner Wants $300,000 Bonus Paid In BTC Furthermore, validators
were advised to upgrade their systems when there is less than 5%
delinquent stake, ensuring they have sufficient time to monitor the
node after the upgrade. Any issues encountered during the upgrade
were to be reported to mb-validators. Solana Status, a trusted
source, corroborated the announcement, recommending the v1.17.31
release for general use. Trent.sol, Solana’s developer and
operations manager, emphasized that the effectiveness of the update
would be proportional to its adoption across the network.
While the improvements primarily target Solana’s Stake Weighted
Quality of Service (SWQOS) and may not result in significant
changes to the reliability of unstacked Tensor processing units
(TPU) traffic, Solana users were advised to keep delinquency below
5% during the upgrade process. Furthermore, Anza hinted at
additional enhancements in the pipeline, urging users to stay tuned
for further updates. Solana Price Rebounds With 7% Surge After
unveiling updates to enhance network efficiency, the Solana price
has surged by over 7%. This surge has helped offset the ongoing
downtrend experienced by Solana, which amounted to nearly 21% over
the past month. In addition, the Hong Kong SFC has officially
approved several spot Bitcoin and Ethereum 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
positively impacted 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 uptrends, riding on the wave of these developments.
Related Reading: Toncoin Defies Market Turmoil, Surges 25% To Tally
All-Time High – Details Despite the recent surge in Solana’s price,
SOL’s 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 obstacle in the cryptocurrency’s path toward
further price gains. If this hurdle is surpassed, 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 propelled its price rally to nearly three-year
highs of $210 on March 18. Featured image from Shutterstock, chart
from TradingView.com
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