The post Solana’s Revenue Drops Amid Low Volatility and Network Upgrades appeared on BitcoinEthereumNews.com.

Solana’s network continued to operate with low congestion, although revenue metrics did not reflect any immediate improvement. The cryptocurrency’s price volatility remains subdued, suggesting that significant price movements are unlikely in the near term. Solana recently implemented an upgrade aimed at addressing network congestion issues, yet the economic impact of this change is still uncertain. Explore the latest developments in Solana’s blockchain performance and market outlook. Learn why SOL’s price might remain stable and what the recent network upgrade means for investors. Solana’s Network Upgrade: Initial Outcomes Solana’s blockchain experienced a revenue decline as recent figures show an earnings drop to $626,900, marking the lowest value in a one-week span. This decline aligned with a recent network upgrade aimed at alleviating congestion issues. The upgrade was implemented to enhance transaction speeds and reduce fees, which had been reportedly high. Transaction Metrics Reflect Network Health After the upgrade, Solana reported a consistent transaction throughput of 2,000 to 3,000 transactions per second (TPS). Data analytics from Dune indicate that the blockchain processed 206.94 million vote transactions and 37.57 million non-vote transactions. The improved ratio of successful non-vote transactions, compared to previous periods where 75% failed, signifies a step towards enhanced network reliability. Price Volatility and Market Implications Despite achieving technical improvements, Solana’s token (SOL) faces challenges in breaking above the $140 mark due to prevailing market conditions. Notably, the token’s annualized volatility has decreased over various periods: 77.80% over 200 days, 66.30% over 90 days, and down to 39.60% currently. This suggests that SOL may not experience significant price swings shortly. Bearish Indicators: RSI Analysis TRUSTED BY COINOTAG,Did you missed $MEME, $PEPE or Bitcoin? No worries! Click here to sign up chosen altcoin exchange! The Relative Strength Index (RSI) for SOL is currently trending downward, standing at 45.00. This decline reflects a…

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Filed under: News - @ June 24, 2024 3:10 am