Summary
TLDR: Solana developers issued an urgent update to fix network congestion issues. Phantom wallet reported improved transaction success rates. Despite the improvement, SOL price dropped by 12% due to broader market downturn. Traders warn SOL price could drop to $120 if congestion fix fails. Creech from Solana Foundation remains optimistic about network improvements.
Key Points
1. Solana developers issued an urgent update to address the blockchain network’s congestion challenges, deploying version 1.18.11 as a fix on the Solana devnet.
2. Testnet validators were urged to promptly upgrade their systems to assess the impact of the proposed solution on network congestion, which had caused transaction failure rates to rise due to increased bot activity.
3. Despite recent improvements in transaction success rates, Solana experienced a 12% decline in price, dropping below $140 for the first time in a month, attributed to broader market downturns and potential liquidations across major crypto assets.