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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Solana Crawls: Network Update Fails To Fix Traffic Jam, Price Feels The Pinch

Christian Encila
Christian Encila
1 year ago
3 mins read
Solana

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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.

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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’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’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’t been quite negative yet. Solana’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’s a sliver of hope Solana could overcome these obstacles. Although the short-term technical indicators present a negative picture, some long-term signals—such as the 200-day moving averages—still 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?

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Solana’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

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. 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.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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