{"id":605933,"date":"2024-05-01T09:20:06","date_gmt":"2024-05-01T09:20:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=605933"},"modified":"2024-07-12T05:19:19","modified_gmt":"2024-07-12T05:19:19","slug":"solana-crawls-network-update-fails-to-fix-traffic-jam-price-feels-the-pinch","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-crawls-network-update-fails-to-fix-traffic-jam-price-feels-the-pinch\/","title":{"rendered":"Solana Crawls: Network Update Fails To Fix Traffic Jam, Price Feels The Pinch"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:255\">The self-described fast blockchain darling Solana is fighting uphill. A confluence of a larger crypto market decline and ongoing network congestion threatens to stop its momentum and question its long-term survival.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-fees-dive-will-this-spark-a-surge-in-network-activity\/\" target=\"_blank\" rel=\"noopener \">Ethereum Fees Dive: Will This Spark A Surge In Network Activity?<\/a><\/div>\n<h2 data-sourcepos=\"5:1-5:510\"><strong>Solana Slides With The Market<\/strong><\/h2>\n<p data-sourcepos=\"5:1-5:510\"><span id=\"input-sentence~1\">Solana has not escaped the current market corrections in cryptocurrencies. Enjoying a great run for months, the token has reflected the general downturn. Solana plummeted to $127 on Tuesday, April 30th, a daily drop of 4% and a weekly drop more than 10%.<\/span><span id=\"input-sentence~2\"><br \/>\n<\/span><\/p>\n<h2 data-sourcepos=\"7:1-7:496\"><strong>Lingering Congestion Woes Plague Solana<\/strong><\/h2>\n<p data-sourcepos=\"7:1-7:496\">Although the state of the market worries us, Solana&#8217;s network congestion problems looks to be more urgent. Not the expected network decongestion from recent fixes meant to address a QUIC protocol flaw.<\/p>\n<p data-sourcepos=\"7:1-7:496\"><span id=\"input-sentence~2\">The transaction failure rate is persistingly high at above 65% as of April 29th.<\/span><span id=\"input-sentence~3\"> This ongoing network slowness obviously runs counter to Solana&#8217;s basic value proposition of great transaction speed and efficiency.<br \/>\n<\/span><\/p>\n<p data-sourcepos=\"7:1-7:496\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-605939\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/a_8c1768.png?resize=1024%2C231\" alt=\"\" width=\"1024\" height=\"231\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/a_8c1768.png?w=1248 1248w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/a_8c1768.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/a_8c1768.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/a_8c1768.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/a_8c1768.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/a_8c1768.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<pre style=\"text-align: center\" data-sourcepos=\"7:1-7:496\">Source:<a href=\"https:\/\/dune.com\/scarn_eth\/solana-tx-fail-rate\" rel=\"nofollow\"> Dune Analytics<\/a><\/pre>\n<p data-sourcepos=\"7:1-7:496\"><span id=\"input-sentence~3\">For industries like Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), which mostly rely on quick and dependable transactions, the congestion problems especially concern them.<\/span><span id=\"input-sentence~4\"> Solana has found a niche in these fields, hence extended congestion could damage its standing and discourage next users and initiatives.<br \/>\n<\/span><\/p>\n<h3 data-sourcepos=\"11:1-11:525\"><strong>Investor Optimism On Hold, But Long-Term Signals Remain<\/strong><\/h3>\n<p data-sourcepos=\"11:1-11:525\"><span id=\"input-sentence~4\">Fascinatingly, investor response to the congestion hasn&#8217;t been quite negative yet.<\/span><span id=\"input-sentence~5\"><a href=\"https:\/\/www.coingecko.com\/en\/coins\/solana\" rel=\"nofollow\"> Solana&#8217;s price movement<\/a> suggests investors might be waiting and seeing, since it has mostly reflected the direction of the larger market.<br \/>\n<\/span><\/p>\n<pre style=\"text-align: center\" data-sourcepos=\"11:1-11:525\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-605940\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/a_31c701.png?resize=660%2C401\" alt=\"\" width=\"660\" height=\"401\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/a_31c701.png?w=660 660w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/05\/a_31c701.png?w=460 460w\" sizes=\"(max-width: 660px) 100vw, 660px\">SOL 24-hour price action. Source: Coingecko<\/pre>\n<p data-sourcepos=\"11:1-11:525\"><span id=\"input-sentence~5\">Maybe there&#8217;s a sliver of hope Solana could overcome these obstacles. Although the short-term technical indicators present a negative picture, some long-term signals\u2014such as the 200-day moving averages\u2014still show some promise.<\/span><span id=\"input-sentence~6\"><br \/>\n<\/span><\/p>\n<p data-sourcepos=\"11:1-11:525\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/RFFKlZKZ\/\" width=\"1835\" height=\"883\"><\/p>\n<pre style=\"text-align: center\" data-sourcepos=\"13:1-13:241\">Total crypto market cap currently at $2.082 trillion. Chart: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/pre>\n<h3 data-sourcepos=\"13:1-13:241\"><strong>Solana At A Crossroads<\/strong><\/h3>\n<p data-sourcepos=\"13:1-13:241\"><span id=\"input-sentence~6\">Solana will depend critically on the next weeks and months. Can it surely solve the problems with network congestion? Will it be able to rebuild the confidence of investors and developers rocked by the current performance?<\/span><span id=\"input-sentence~7\"><br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-surprise-binance-japan-listing-ignites-360-price-spike\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Surprise! Binance Japan Listing Ignites 360% Price Spike<\/a><\/div>\n<p data-sourcepos=\"15:1-15:406\">Solana&#8217;s capacity to negotiate these choppy seas will determine its destiny. Should it be able to surmount these obstacles and come out with a more strong and scalable network, it may merely ride out the storm and take back leadership in the blockchain field.<\/p>\n<p data-sourcepos=\"15:1-15:406\">Should the congestion issues continue, Solana may find herself lagging behind rivals able to provide a more consistent and dependable customer experience.<\/p>\n<p data-sourcepos=\"15:1-15:406\"><em>Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The self-described fast blockchain darling Solana is fighting uphill. A confluence of a larger crypto market decline and ongoing network congestion threatens to stop its momentum and question its long-term survival. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? Solana Slides With The Market Solana has not escaped the current market corrections in cryptocurrencies. Enjoying a great run for months, the token has reflected the general downturn. Solana plummeted to $127 on Tuesday, April 30th, a daily drop of 4% and a weekly drop more than 10%. Lingering Congestion Woes Plague Solana Although the state of the market worries us, Solana&#8217;s network congestion problems looks to be more urgent. Not the expected network decongestion from recent fixes meant to address a QUIC protocol flaw. The transaction failure rate is persistingly high at above 65% as of April 29th. This ongoing network slowness obviously runs counter to Solana&#8217;s basic value proposition of great transaction speed and efficiency. Source: Dune Analytics For industries like Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), which mostly rely on quick and dependable transactions, the congestion problems especially concern them. Solana has found a niche in these fields, hence extended congestion could damage its standing and discourage next users and initiatives. Investor Optimism On Hold, But Long-Term Signals Remain Fascinatingly, investor response to the congestion hasn&#8217;t been quite negative yet. Solana&#8217;s price movement suggests investors might be waiting and seeing, since it has mostly reflected the direction of the larger market. SOL 24-hour price action. Source: Coingecko Maybe there&#8217;s a sliver of hope Solana could overcome these obstacles. Although the short-term technical indicators present a negative picture, some long-term signals\u2014such as the 200-day moving averages\u2014still show some promise. Total crypto market cap currently at $2.082 trillion. Chart: TradingView Solana At A Crossroads Solana will depend critically on the next weeks and months. Can it surely solve the problems with network congestion? Will it be able to rebuild the confidence of investors and developers rocked by the current performance? Related Reading: Shiba Inu Surprise! Binance Japan Listing Ignites 360% Price Spike Solana&#8217;s capacity to negotiate these choppy seas will determine its destiny. Should it be able to surmount these obstacles and come out with a more strong and scalable network, it may merely ride out the storm and take back leadership in the blockchain field. Should the congestion issues continue, Solana may find herself lagging behind rivals able to provide a more consistent and dependable customer experience. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":605942,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[142,6664,3505,12837,83626],"class_list":["post-605933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-altcoins","tag-crypto","tag-price-analysis","tag-sol","tag-solana"],"acf":[],"yoast_head":"\n<title>Solana Crawls: Network Update Fails To Fix Traffic Jam<\/title>\n<meta name=\"description\" content=\"The self-described fast blockchain darling Solana is fighting uphill. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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