Solana Network Undergoes Update to Prevent Future Outages
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Developers on the network have created a network update that prevents the Solana blockchain from suffering outages if the same issue occurs again.
Currently, Solana uses parallel processing for non-overlapping transactions to bolster its throughput. This is used because durable nonce transactions do not expire, thereby requiring a unique mechanism from normal transactions to prevent double processing of transactions. These transactions utilize on-chain values specific to every account that gets rotated on every transaction. As such, the same transaction should not be processed again after value rotation.
During the last outage, a durable nonce transaction got processed while its blockhash appeared to be recent enough to be considered a normal transaction on the blockchain. However, this led to some problems with the transaction as the processing failed, but the transaction fee was deducted. The user then resubmitted the failed durable nonce transaction to the blockchain, which activated a bug on the network.
The recurring network outages have triggered significant outflows from Solana in recent months, with many developers relocating to Cardano and XRPL.
Key Solana Levels to Watch — June 6
Following a slump from the $50 level on June 1 after the blockchain outage, Solana fell into a sideways pattern for most of last week. However, the cryptocurrency regained some bullish momentum today following the announcement of a network update.
Following a 17% rally today, SOL has breached a long-term bearish trendline, opening a window for a bullish turnaround. The trendline, which has forced prices lower since the blockchain cryptocurrency peaked at $143 in April, now acts as a support line assuming bulls stay above the line in the near term.
The recent price surge also forced the cryptocurrency out of oversold conditions on the daily stochastic, indicating a possible rebound to $50 and higher.
Meanwhile, my resistance levels are $50, $58, and $70, and my support levels are $40, $30, and $20.
Total Market Capitalization: $1.28 trillion
Solana Market Capitalization: $14.5 billion
Solana Dominance: 1.13%
Market Rank: #9
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