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Solana (SOL) price is displaying an unusual growth trend after falling as low as $137 earlier in the week. The coin is undergoing a unique price rebound despite a major network concern involving its DEX aggregator, Jupiter.
Solana Price, Jupiter and the Network Glitch Scare
As first brought to the community by X user @ItsDave_ADA, the Jupiter platform stopped processing transactions for hours. Thus far, he claimed that about 81.36% of all transactions on Jupiter are failing to process. This issue is particularly profound with the Jupiter Aggregator v6 engine.
The Solscan data shows that hundreds of transactions fail to process. Dave’s revelation has sparked different schools of thought in the community. While some deride him for spreading Fear, Uncertainty, and Doubt (FUD) regarding Solana, others could not contend with the Solscan data.
The Jupiter X page needs to mention what might be considered a glitch. Solana investors remain unbothered, and it remains uncertain when this transaction failure will clear off. This is evident in the coin’s current price action.
As of writing, Solana Price was trading for $145.92, up by 3.3% in 24 hours. This rebound comes after more than 3% and 15% drop in the past seven and 30 days, respectively.
Solana History With Outages
Solana is a very fragile protocol, considering its history with network outages and glitches in general. Should the Jupiter transaction failure trend last longer, it might trigger an unforeseen ecosystem relapse.
Over the past year, Solana has recorded a series of network outages that have triggered a major setback in its growth efforts. Notably, some of its major glitches take place on the mainnet. However, some glitches also come through the blockchain’s dominant decentralized applications, complicating the attack source.
The series of attacks that rocked Solana might be attributed to the explosion in its memecoin ecosystem. Judging by the success of tokens like BONK and dogwifhat (WIF), developers launched memecoins uncontrollably. This eventually triggered a clog that fueled the series of outages recorded earlier this year.
The Solana developers, including co-founder Anatoly Yakovenko, had to find a solution to the menace. The team deployed a major fix on the mainnet in Q1. As reported earlier, the protocol also deployed a patch to bring network stability about a week ago.
Arguably, Solana developers have been busy since last year, and this Jupiter glitch is likely to keep them from producing any lumber.
Eyeing Institutional Adoption Through ETF
Solana is also pushing for a mainstream institutional embrace by bypassing the entire retail aspect of its ecosystem. Fund Managers are projecting the potential launch of a spot Solana ETF product in the United States. VanEck and 21Shares had made a move for this product earlier; however, there is a roadblock with Cboe.
Despite Cboe removing the two firm’s filings, the prospect of the SOL ETF is gaining traction in other countries. Recently, Brazil greenlighted the ETF product, setting a major milestone that other countries now hope to follow.
Beyond Brazil, Canada is also eyeing its first Solana ETF through QSOL.