Solana, a blockchain network, experienced a decrease in revenue on June 23, reaching its lowest point in a week at $626,900. This decline was attributed to a recent upgrade implemented by the project to address congestion issues. Following the upgrade, fees on the network decreased, and Solana maintained its high throughput of 2,000 to 3,000 Transactions Per Second (TPS). Despite the upgrade, Solana’s revenue failed to pick up, indicating a lack of economic value in the network.
The number of successful transactions on the Solana blockchain increased significantly, with over 206.94 million vote transactions and 37.57 million non-vote transactions. This increase in successful transactions was a positive sign for the network, showing improved functionality and reliability compared to previous periods where a majority of non-vote transactions failed to complete. However, Solana’s price prediction remained uncertain, with the value of the token hovering around $133.71 and struggling to break the $140 mark due to high volatility.
Solana’s volatility, as indicated by the 200-day annualized volatility rate, dropped to 39.60% at the time of writing, suggesting that the token might continue to trade within a tight price range in the near future. This decrease in volatility could lead to SOL staying between $130 and $140. Furthermore, the Relative Strength Index (RSI) pointed to a bearish momentum, indicating a potential downward movement in SOL’s price prediction. Despite this bearish trend, a reversal might occur if wider market conditions improve.
Overall, Solana’s recent performance highlighted both positive and negative aspects of the network. While successful transactions increased, indicating improved functionality, the lack of significant revenue growth and challenges in price prediction suggested ongoing volatility and uncertainty. As the network continues to address congestion issues and enhance its infrastructure, the future performance of Solana and its token, SOL, remains uncertain but could potentially improve with market conditions.
