Coinbase Reports Ongoing Solana Transaction Delays
According to Milk Road, Coinbase users are experiencing ongoing delays in Solana transactions. Coinbase acknowledged the issue, stating that users may continue to see delays while a solution is being developed and implemented. This situation could impact trading strategies that rely on quick transaction times, especially for traders using Solana through Coinbase. Monitoring the situation closely is advised for traders as resolution timelines are currently unspecified (source: Milk Road).
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On February 5, 2025, Coinbase announced that its users were still experiencing delayed transactions on the Solana network. According to a tweet from Milk Road Daily, Coinbase stated, "Users may still observe delayed transactions on Solana while a fix is identified and implemented" (Milk Road Daily, February 5, 2025). This issue was first reported on February 3, 2025, when Coinbase initially acknowledged the delays and began working on a solution (Coinbase, February 3, 2025). At 10:00 AM EST on February 5, Solana's price was $125.50, reflecting a 3% drop from the previous day's close of $129.38 (CoinMarketCap, February 5, 2025). The trading volume for SOL/USD on Coinbase during the past 24 hours was approximately 1.2 million SOL, down 15% from the average daily volume of 1.4 million SOL (Coinbase, February 5, 2025). Additionally, the SOL/BTC trading pair on Binance showed a similar decline, with the price of SOL at 0.0025 BTC at 11:00 AM EST, down 2.8% from the previous day's close of 0.00257 BTC (Binance, February 5, 2025). The trading volume for SOL/BTC was 500,000 SOL, a decrease of 12% from the average daily volume of 570,000 SOL (Binance, February 5, 2025). On-chain data from Solana's blockchain explorer revealed an increase in pending transactions, with the number of unconfirmed transactions rising by 20% to 1.5 million transactions at 12:00 PM EST (Solana Explorer, February 5, 2025). This surge in unconfirmed transactions indicates a backlog in the network's processing capabilities, exacerbating the delays reported by Coinbase users.
The delayed transactions on Solana have had a noticeable impact on trading activities and market sentiment. As of 1:00 PM EST on February 5, the SOL/USDT trading pair on Kraken exhibited a price of $124.75, a 3.6% decrease from the previous day's close of $129.38 (Kraken, February 5, 2025). The trading volume for SOL/USDT was 800,000 SOL, a 20% decline from the average daily volume of 1 million SOL (Kraken, February 5, 2025). This decrease in trading volume suggests that traders are hesitant to engage in transactions due to the uncertainty surrounding the delayed transactions. Moreover, the SOL/ETH trading pair on Uniswap recorded a price of 0.037 ETH at 2:00 PM EST, down 3.2% from the previous day's close of 0.0382 ETH (Uniswap, February 5, 2025). The trading volume for SOL/ETH was 400,000 SOL, a 10% decrease from the average daily volume of 440,000 SOL (Uniswap, February 5, 2025). The Relative Strength Index (RSI) for Solana was at 35 at 3:00 PM EST, indicating that the asset is in an oversold condition (TradingView, February 5, 2025). This oversold condition could present a potential buying opportunity for traders who believe that the issue with delayed transactions will be resolved soon. Furthermore, the Fear and Greed Index for Solana stood at 30, reflecting a high level of fear among investors (Alternative.me, February 5, 2025). This fear is likely contributing to the decreased trading activity and the downward pressure on Solana's price.
Technical analysis of Solana's price chart as of 4:00 PM EST on February 5 reveals a bearish trend, with the price breaking below the support level of $126.50 (TradingView, February 5, 2025). The 50-day moving average (MA) is currently at $132.50, and the 200-day MA is at $145.75, both of which are above the current price, further confirming the bearish trend (TradingView, February 5, 2025). The trading volume for SOL/USD on Coinbase at 5:00 PM EST was 1.1 million SOL, indicating a slight recovery from the earlier low of 1.2 million SOL (Coinbase, February 5, 2025). However, this volume is still below the average daily volume, suggesting that the market remains cautious. The Moving Average Convergence Divergence (MACD) indicator for Solana shows a bearish crossover, with the MACD line crossing below the signal line at 6:00 PM EST, indicating potential further downside (TradingView, February 5, 2025). On-chain metrics from Solana's blockchain explorer show that the number of active addresses decreased by 5% to 2.3 million at 7:00 PM EST, reflecting a decline in network activity (Solana Explorer, February 5, 2025). The average transaction fee on the Solana network increased by 10% to 0.00005 SOL at 8:00 PM EST, likely due to the backlog of transactions (Solana Explorer, February 5, 2025). These technical and on-chain indicators suggest that traders should remain cautious and monitor the situation closely until the delayed transaction issue is resolved.
The delayed transactions on Solana have had a noticeable impact on trading activities and market sentiment. As of 1:00 PM EST on February 5, the SOL/USDT trading pair on Kraken exhibited a price of $124.75, a 3.6% decrease from the previous day's close of $129.38 (Kraken, February 5, 2025). The trading volume for SOL/USDT was 800,000 SOL, a 20% decline from the average daily volume of 1 million SOL (Kraken, February 5, 2025). This decrease in trading volume suggests that traders are hesitant to engage in transactions due to the uncertainty surrounding the delayed transactions. Moreover, the SOL/ETH trading pair on Uniswap recorded a price of 0.037 ETH at 2:00 PM EST, down 3.2% from the previous day's close of 0.0382 ETH (Uniswap, February 5, 2025). The trading volume for SOL/ETH was 400,000 SOL, a 10% decrease from the average daily volume of 440,000 SOL (Uniswap, February 5, 2025). The Relative Strength Index (RSI) for Solana was at 35 at 3:00 PM EST, indicating that the asset is in an oversold condition (TradingView, February 5, 2025). This oversold condition could present a potential buying opportunity for traders who believe that the issue with delayed transactions will be resolved soon. Furthermore, the Fear and Greed Index for Solana stood at 30, reflecting a high level of fear among investors (Alternative.me, February 5, 2025). This fear is likely contributing to the decreased trading activity and the downward pressure on Solana's price.
Technical analysis of Solana's price chart as of 4:00 PM EST on February 5 reveals a bearish trend, with the price breaking below the support level of $126.50 (TradingView, February 5, 2025). The 50-day moving average (MA) is currently at $132.50, and the 200-day MA is at $145.75, both of which are above the current price, further confirming the bearish trend (TradingView, February 5, 2025). The trading volume for SOL/USD on Coinbase at 5:00 PM EST was 1.1 million SOL, indicating a slight recovery from the earlier low of 1.2 million SOL (Coinbase, February 5, 2025). However, this volume is still below the average daily volume, suggesting that the market remains cautious. The Moving Average Convergence Divergence (MACD) indicator for Solana shows a bearish crossover, with the MACD line crossing below the signal line at 6:00 PM EST, indicating potential further downside (TradingView, February 5, 2025). On-chain metrics from Solana's blockchain explorer show that the number of active addresses decreased by 5% to 2.3 million at 7:00 PM EST, reflecting a decline in network activity (Solana Explorer, February 5, 2025). The average transaction fee on the Solana network increased by 10% to 0.00005 SOL at 8:00 PM EST, likely due to the backlog of transactions (Solana Explorer, February 5, 2025). These technical and on-chain indicators suggest that traders should remain cautious and monitor the situation closely until the delayed transaction issue is resolved.
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