Solana’s FUD story – Where do you stand after txn. failure rates of 61%?

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  • Users were concerned over Solana’s transaction failures.
  • A big chunk was still optimistic of Solana’s prospects in the near term.

The price of Solana (SOL) fell beneath $180 following a 4% decrease in worth over the past 24 hours, according to information from CoinMarketCap. Bulls found it difficult to push back against growing negative sentiment (FUD) as network congestion continued to pose a challenge.

Based on data from Santiment, a leading on-chain analytics firm, there was significant activity surrounding the fifth-largest cryptocurrency in the past 24 hours. Approximately 42% of conversations about this digital currency were critical, with keywords such as “transactions,” “network,” and “time” frequently used in social media debates.

Network issues spook Solana users

For those unfamiliar, the Solana blockchain, which is recognized for its swift speeds and affordable costs, experienced a significant increase in transaction failures last week. The peak reached an astounding 75% on the 4th of April.

Despite a decrease in failure rate to 61%, recent advancements have sparked concerns about the network’s capability to handle heavy usage.

The situation has become more complicated as developers haven’t been able to deliver an immediate solution for the problem. According to Solana Devshop Anza, potential fixes are being evaluated and could potentially be released by the end of this week.

A lot more to be hopeful about

It’s intriguing to note that despite the FUD, or fear, uncertainty, and doubt, nearly half of the comments within the last 24 hours expressed optimism towards SOL. The bullish sentiment was driven by supporters who believed that Solana’s advantages over Ethereum in terms of transaction fees and speed would be beneficial for the platform.

Circle, the company behind the world’s second-largest stablecoin USDC, made an exciting announcement: they are now backing Web3 services on the Solana platform. This could be a confirmation of the community’s high expectations.

Realistic or not, here’s SOL’s market cap in BTC’s terms

Developers anticipated that the new move would equip them with powerful tools for effortlessly constructing decentralized apps (dApps) on Solana.

In the past day, the number of bearish wagers on Solana grew more substantial, according to AMBCrypto’s interpretation of data from Coinglass, as the Long/Short Ratio saw a deeper decline.

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2024-04-09 23:03