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Solana’s Failed Transaction Clarified By Market Expert, Here’s What To Know

Since the Solana blockchain experienced a rise in failed transactions in April, due to the memecoin frenzy, several members of the community have been quite uncertain about the network. However, Marty Party, host of Crypto Traders Club Space has shed light on the issue of failed transactions on the Solana blockchain, addressing widespread worries among users.

Most Failed Transactions On Solana Originates From Error Code

In an insightful post on Thursday, macro alpha, Marty Party, provided much-needed clarity on the problem of unsuccessful transactions on the Solana blockchain. Marty Party emphasized that these transaction failures are caused by multiple factors, such as the network’s high throughput and periodic congestion.

Addressing the general confusion around the development, Party noted that the failed transactions typically result in fees and are successfully completed by the runtime in accordance with the signer’s intentions.

According to the expert, they fail because the logic of the transaction itself demands that they do. He also noted that error number 0x1771, which indicates an excessive slippage amount, is the cause of more than 80% of unsuccessful transactions on the network.

The post read:

The term failed transaction on Solana is misleading and has caused considerable confusion. These transactions incur fees and are executed successfully by the runtime exactly as the signer intended. They fail due to the transaction’s own logic requiring them to do so. +80% of failed transactions come from error code 0x1771, the code for exceeding slippage amount. 

However, despite the high rate of failed transactions, Party underscored that only 0.1% of active Solana addresses, particularly automated bots looking to capitalize on time-sensitive price arbitrage possibilities, make up 95% of these transactions.

Party’s emphasis is intended to encourage users and investors, reminding them about the Solana blockchain network’s resiliency and ongoing efforts to strengthen its dependability and performance. “If someone complains of failed transactions on Solana, they are just ignorantly FUDing. You can now educate them yourself,” he stated.

Now Is The Time To Buy SOL

Despite the negative developments around Solana, popular cryptocurrency analyst and trader, Ali Martinez, has identified a bullish signal for SOL, noting that now is the time to purchase the crypto asset.

Analysing SOL’s price in the 4-hour timeframe, Martinez pointed out an impending bullish megaphone pattern amid the current dips faced by the crypto asset. Given the oversold Relative Strength Index (RSI) and the recent decline to the 61.8% Fibonacci level, the expert believes now might be a good opportunity to acquire SOL.

Thus, he has underlined several buy and sell positions to consider when getting into the market. “Consider placing your stop loss around $156 and $154 and aiming for a take profit between $200 and $259,” he stated.

At the time of writing, Solana was demonstrating a bearish outlook, dropping by over 9% to $160 in the past week. Although the price is down, SOL’s trading volume has increased by nearly 15% in the past day, indicating optimism among investors.

Solana