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SOL Price Fluxes Amid Solana Devnet’s Successful Restart For Second Time – Crypto News

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1 year ago

April 20, 2024

Dripp

In a riveting turn of events, following a considerable setback faced by Solana due to network congestion, the Solana devshop Anza-fostered v1.18.11 update to devnet was restarted again today as the upgrade failed earlier. The second attempt to restart the devnet, coming as an effort to reduce the ongoing network congestion, was pointed out to be successful in a post shared by Solana core developer at Anza, going by the name ‘starry.’ This garnered noteworthy attention to Ethereum’s eternal rival, as investors remain optimistic about Solana’s future ventures following immense backlash received within the crypto community due to network congestions.

Meanwhile, amidst the successful deployment of v1.18.11 on the devnet, SOL, the native token of Solana, witnessed quite a turbulent price action.

Devshop Anza’s v1.18.11 Update: A Closer Look

Notably, Anza, a Solana-focused devshop, earlier introduced the v1.18.11 upgrade to devnet, which aims to fix congestion issues on the Solana chain. Following the deployment of this update, validators on the testnet upgraded to the latest release in order to start analyzing the effects of the proposed congestion fixes.

However, as the core dev spotlighted in a post yesterday, the upgrade faced devnet-specific issues, which caused it to crash. Simultaneously, it was restarted today, as mentioned above, marking a significant stride for the Solana community.

Meanwhile, it’s also worth noting that Solana recently facilitated another significant update on the mainnet beta to fix the network’s ongoing congestion issues. On April 15, the Ethereum rival ruled out the v1.17.31 release for the Solana network mainnet update, fueling optimism surrounding the company’s efforts to tackle dynamic cryptographic issues. However, the native token SOL appears to be facing a downturn.

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Solana (SOL) Price Tumbles

As of writing, the Solana token’s price witnessed a dip of 1.88% over the past 24 hours and is currently trading at $142.61. The token’s market chart illustrates a highly volatile movement, trading both in positive and negative areas over the past day. This price flux movement is primarily attributed to the ongoing blockchain development chronicles that aim to prevent network congestion.

Meanwhile, looking at the token’s broader price movement, SOL appears to have witnessed quite a setback due to the crypto community’s loss of confidence in the network’s functionality. Nonetheless, as the v1.18.11 update to devnet has restarted successfully, further accompanied by the v1.17.31 release for the Solana network mainnet update, crypto market enthusiasts expect a bolstered price action for the token shortly ahead.

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