Solana Adsorbs Hit from Network Issues Amid Surge in Failed Transactions

By: Eliza Bennet

Solana, a major player in the blockchain ecosystem, is encountering significant network congestion, leading to an increase in failed transactions. Solana's co-founder, reiterated their commitment to address these problems as they surfaced, amid concerns it could impact the users' transaction experience on the platform.

Recent data indicates a significant rise in failed transactions on the Solana network over the past weeks. More than 70% of non-voting transactions performed on the platform since the start of the month failed, marking a considerable uptick from the around 54% failure rate recorded the previous month. Apart from network issues, the rise is also attributed to trading bots.

Conversely, Altcoin Sherpa, a renowned crypto analyst, displayed optimism for the cryptocurrency's future, suggesting a buying range for Solana even amidst the current turmoil. Despite Solana's recent weak performance and concerns about failed transactions, Sherpa remains bullish on its long-term potential, encouraging investors to adopt a long-term perspective.

The divergence in views over Solana's current predicament highlights the volatility of the cryptocurrency market. It remains to be seen as to how Solana will effectively mitigate these network issues. Its innovative approach and strong foundation are undeniable, however, overcoming network congestion is paramount to fulfill its long-term potential.