As the Solana blockchain saw a spike in failed transactions in April, due to Memcoin MadnessMany community members were not entirely sure about the network. However, Marty Bartee, host of Crypto Traders Club Space, shed light on the issue of failed transactions on the Solana blockchain, addressing widespread concerns among users.
Most failed transactions on Solana originate from error code.
In an insightful look mail On Thursday, leading macroeconomics firm Marty Party provided much-needed clarification on the issue of unsuccessful transactions on Solana Marty Barty confirmed that the failure of these transactions is due to multiple factors, such as high network throughput and periodic congestion.
Addressing the general confusion surrounding development, Barty noted that failed transactions typically result in fees, and are completed successfully by runtime according to the signer’s intentions.
According to the expert, these transactions fail because the logic of the transaction itself requires it. He also pointed out that error number 0x1771, which indicates excessive slippage, is the reason behind more than 80% of failed transactions on the network.
The post read:
The term “failed transaction” on Solana is misleading and has caused a great deal of confusion. These transactions incur fees and are successfully executed by the runtime exactly as the signer intended. These transactions fail because of the very transaction logic that requires them to do so. 80% of failed transactions come from error code 0x1771, which is a slippage overrun.
However, despite the high rate of failed transactions, Barty emphasized that just 0.1% of active Solana addresses, mainly automated bots seeking to take advantage of time-sensitive price arbitrage capabilities, account for 95% of these transactions.
The party’s focus is to encourage and remind users and investors of Solana Blockchain He emphasized the network’s resilience and ongoing efforts to improve its reliability and performance. “If someone complains about transactions failing on Solana, they are lying out of ignorance. You can now educate them yourself,” he said.
Now is the time to buy SOL.
Despite the negative developments around Solana, the famous cryptocurrency analyst and trader, Ali Martinez, Has been chosen Bullish signal for SOL, indicating that now is the right time to buy crypto assets.
Analyzing the price of SOL on the 4-hour timeframe, Martinez pointed to an impending bullish megaphone pattern amid the current declines the crypto asset is facing. Given the oversold Relative Strength Index (RSI) and the recent drop to the 61.8% Fibonacci level, the expert believes that now could be a good opportunity to acquire Sol.
Therefore, he highlighted several buying and selling positions that should be considered when entering the market. He said, “Consider placing a stop loss at $156 and $154 and targeting a take profit at $200 and $259.”
At the time of writing, Solana is showing a bearish outlook, having dropped more than 9% to $160 in the past week. Despite the price drop, Solana’s trading volume has increased by around 15% in the past day, indicating optimism among investors.
Featured image by iStock, chart by Tradingview.com