Solana price forecast: can SOL be saved after the latest update?

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on Nov 21, 2022
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  • SOL’s value saw a difference of 28% within the last 7 days.
  • The trading volume for the cryptocurrency spiked by 55% in the last 24 hours.
  • Anatoly Yakovenko, the co-founder of Solana Labs, urged all validators to update their nodes.

The co-founder of Solana Labs, Anatoly Yakovenko, made an announcement that all validators need to update to the latest version of the node, 1.13.5.

Based on his outlook, the update can fix all of the Solana (SOL/USD) network outages which were caused by the overloading of UDP-based protocols.

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SOL is the native cryptocurrency used to power the Solana blockchain and is used for the payment of transaction fees. The network is known for its speed as well as efficiency, despite the frequent network shutdowns.

The node update release as a catalyst for growth

In the latest Solana news, on November 18, 2022, Yakovenko announced the 1.13.5 update and shared insights into how many validators run the previous versions of the node.

In the official tweet, he said 553 validators ran on 1.13.4, while 354 ran on 1.13.3.

Then on November 19, he urged all validators to update. 

Prior to this update, there were issues causing prolonged shutdowns of the Solana network, which is still in its testing phase.

This update is aimed at fixing all of the Solana network outages, which were previously caused by the overloading of UDP-based protocols.

Should you buy Solana (SOL)?

On November 21, 2022, Solana (SOL) had a value of $11.61.

SOL/USD Chart by Tradingview.

The all-time high of the Solana (SOL) cryptocurrency was on November 6, 2021, when it reached a value of $259.96. Here we can see at its ATH, the cryptocurrency was $248.35 higher in value, or 2,139% higher.

In terms of the 7-day performance, the low point for SOL was at $11.74, while the high point was at $15.05. Here we can see a difference of 28%.

When we go over its 24-hour performance, SOL’s low point was at $11.68, while its high point was at $13.15, a difference of $1.47 or by 12%.

Investors will want to leverage this opportunity and buy SOL, as it can climb to $15 by the end of December 2022.