Will Solana’s recovery be delayed?
The Solana [SOL] blockchain took a hit on the 23rd of June, as its revenue hit its lowest point in the last seven days. As of this writing, the project’s revenue was $626,900.The value was an indication of Solana’s economic value. The decrease in revenue to one Solana upgrade that took place some days back.
On the 10th of June, AMBCrypto reported how the project asked validators to upgrade to a new node. The idea behind the development was to solve the congestion issues that the blockchain has been experiencing for some time.
As a result, fees were no more unusually high, and Solana seemed to have maintained its high throughput of 2,000 to 3,000 Transactions Per Seconds (TPS). Evidence of this reflected in the number of successful transactions. According to Dune, the number of vote transactions was 206.94 million. On the other hand, non-vote transactions were 37.57 million.A non-vote transaction occurs when market participants transfer SOL between Solana accounts or smart contracts. A vote transaction is one submitted by validators on the blockchain.
Furthermore, this development could affect SOL’s price prediction. At press time, the price of the token was $133.71. While SOL attempted to jump to $140 on the 22nd of June, bears disrupted the effort.