Solana’s latest release may have THIS effect on SOL’s price

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    Solana-based devshop Anza claimed that the internal tests have been “promising”
    SOL failed to react positively, slipping by more than 4% on the charts

As a crypto investor, I’m excited about the latest development from Solana. Anza, a devshop made up of former Solana Labs engineers, has released version v1.18.12 for testing, which they claim will improve network performance and reduce conflicting transactions. However, the new release didn’t seem to boost SOL‘s price. Instead, it dropped by nearly 5% over the last 24 hours.

Exciting news! Solana’s highly anticipated update, version 1.18.12, designed to address existing network congestion problems, is now available for testing.

Long-lasting solution?

As an analyst, I’d suggest:

Recently, Solana has been subjected to increasing scrutiny due to its issues with network congestion and high transaction failure rates. Based on data from AMBCrypto’s analysis of a Dune dashboard, approximately 63% of all non-vote transactions failed as of April 27th. Earlier in the month, this failure rate had reached a staggering 75%.

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Recent weeks have seen Solana developers releasing updates and patches to address ongoing issues. The most recent update, version 1.18.12, aims to bring additional improvements in line with these efforts.

SOL remains in bears’ clutches

The development in question didn’t propel SOL higher as anticipated. Instead, its value decreased by 4.66% within the last 24 hours, based on CoinMarketCap data. Over the past month, SOL experienced a significant loss of over 27%, mirroring the overall market decline.

Fud persisted strongly against the cryptocurrency AMBCrypto, evident in the intensely pessimistic conversation tracked by Santiment’s data.

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

In the past 24 hours, the number of traders betting against Solana (SOL) increased more than those holding long positions, as indicated by data from Coinglass.

This suggested that network issues are still playing on the minds of many market participants.

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2024-04-28 07:03