During the early hours of Tuesday, Solana (SOL) encountered a significant outage, adding to the growing list of incidents it has faced in the past 24 months.
As reported by our sister website NewsBTC, the mainnet-beta of Solana experienced a nearly 5-hour disruption, which raised concerns within the cryptocurrency community.
The incident was initially detected when block explorers Solscan and OKLink indicated a lack of new transactions on the network. The ongoing disruption prompted South Korean crypto exchange Upbit to suspend deposits and withdrawals for SOL and several other tokens.
Solana Blockchain Upgraded And Restarted
Solana’s team acknowledged the outage through an incident report, confirming the disruption but refraining from disclosing specific details about its cause.
According to the latest update on the matter, to address the situation, an upgrade to v1.17.20 was implemented, followed by a cluster restart by validator operators, successfully resuming block production on the mainnet-beta at 14:57 UTC.
While the precise cause of the outage remains undisclosed, Solana’s core contributors have initiated an in-depth investigation to identify its root cause.
The aim is to release a comprehensive report shedding light on the incident and providing insights into the preventive measures that will be implemented to avoid similar disruptions in the future. The update report concluded:
The outage began at approximately 09:53 UTC, lasting 5 hours. Core contributors are working on a root cause report, which will be made available once complete. Engineers from across the ecosystem are investigating an outage on mainnet-beta.
SOL Rebounds From Price Dip
Following the recent outage experienced by Solana’s blockchain network, the native cryptocurrency token, SOL, faced a temporary setback. The disclosure of the incident led to a retracement of over 5% in SOL’s value, with prices dropping as low as $92.96. However, the cryptocurrency managed to regain its previous trading price.
SOL is trading at $95.40, experiencing a slight decrease of 0.8% within the past 24 hours. It’s important to note that before the outage incident, SOL was already undergoing a significant correction of 9% from its $106 level.
Given the latest development, technical analyst Mark Harvey weighed in on the situation, expressing concerns about the long-term viability of SOL as an investment.
In a recent post on X (formerly Twitter), Harvey stated, “Solana is a centralized company; a risky asset to hold long term. This is the latest outage in less than a year. Incidents like this limit the upside potential of $SOL as no serious applications will be built on the system.”
While Solana has gained attention for its throughput and scalability, incidents like the recent outage underscore the need for improved stability and reliability.
The Solana team’s ongoing investigation into the root cause of the disruption is crucial in identifying and addressing any underlying issues that may affect the network’s performance.
Featured image from Shutterstock, chart from TradingView.com
