What you need to know about Solana’s latest update

•  The number of stakers increased by more than 1,800% last week.
• SOL’s market indicators were bullish, suggesting a further price pump.

Solana [SOL] has approved a new update for its validators named v1.14. After a majority of network users decided to upgrade to the new version on 22 May, v1.14 was considered to be adopted by the cluster.

The good news was that, as per SOL’s tweet, the latest network update has been adopted by more than 97% of the Solana validators. 

Here are the details

As per the official announcement, version 1.14 unlocks a number of highly anticipated new features on the Solana blockchain that will be activated over time. 

The v1.14 upgrade to the @SolanaLabs validator client has been adopted by 97.4% of stake.

Learn more about what v1.14 unlocks and how upgrading works: https://t.co/JEi1U9k4gU

— Solana Status (@SolanaStatus) May 30, 2023

With the help of this release, Solana developers can collect recently paid transaction fees and use that data to estimate future transactions. This functionality will also help developers to fully utilize localized fee markets that will be added in future updates.

The new update also brought new changes to SOL’s staking program. If validator governance approves, this release provides the groundwork for applying the minimum required stake delegation and introducing a new RPC to access the existing minimum stake delegation.

The update also involves optimizing caching.

It was interesting to see that the number of SOL stakers increased exponentially last week. As per Staking Rewards, the number of SOL stakers increased by more than 1,800% in the last seven days.

SOL’s price chart turns green

Apart from validators, SOL investors also had a comfortable week, as evident from its price action. According to CoinMarketCap, SOL’s price increased by more than 6% in the last seven days.

At the time of writing, it was trading at $21.09 with a market capitalization of over $8.3 billion. The bullish price action also helped SOL increase its popularity as its social volume went up.

Sentiment around SOL also turned positive on 29 May 2023, but later the weighted sentiment dipped. 

Read Solana’s [SOL] Price Prediction 2023-24

This suggests a further pump in Solana’s price

A look at SOL’s daily chart revealed that most of the market indicators were in the bulls’ favor. For instance, the MACD clearly displayed a bullish edge in the market.

SOL’s Chaikin Money Flow (CMF) registered an uptick, further increasing the chances of a continued price surge. However, the Relative Strength Index (RSI) chose to follow the other route and declined, which can be troublesome.