Solana Price Plunges As Blockchain Is Down Again

Solana price took a hit amid another major outage that brought network activity to a halt.

Cryptocurrency expert and NFT Alpha host Nick Valdez first took to Twitter after a series of speculative mentions. Hours later, Solana’s official Twitter manager confirmed the report in the early hours of Saturday.

According to the handler, the network has experienced an outage and transactions are no longer being processed. The Solana team assures the community that network developers have been working on a solution to the problem.

This incident marks the fourth time Solana has experienced a major outage this year. The network is now well known in the crypto community for its occasional blackout, as some proponents have cited this pattern as a reason to stay away from the chain.

After confirming the outage, Solana shared a document with instructions for validators on the steps to take to assist in resolving the issue. The network has been successfully restarted as of press time and is fully operational.

Although there was a solution, the outage lasted for more than 8 hours. Solana’s price, in tandem with the majority of the market, has fallen during this time frame. While it may be a possibility to determine the current price situation of Solana given the recent outage, it is certain that the asset has lost lives in the past.

Solana is currently trading at $32.98 as of press time, down 3.43% over the past 24 hours. Since falling off as high as $47.9 on August 13, the asset has been caught in a bearish pattern. The asset was in free fall from August 13 to August 19, bringing it below the $40 mark. Solana has not re-visited the area at $40 since then.

What caused Solana’s recent outage?

Limited information has emerged about the root cause of the problem. Laine Stakewiz, a blockchain company that runs Solana nodes, recently shared details on the matter.

Some Solana validators stopped voting at around 22:40 (UTC) on Friday. Moderators were alerted to the issue and gathered on Discord to discuss and find a solution. The network seems to have been stuck as it is confirmed that new roots are not being produced.

Read more: ‘Ethereum Killer’ Solana suffers another major outage

According to Laine Stakewiz, it was noticed that a validator shared an invalid block. The problem itself will not lead to a big problem, as it can be solved by the network. Even so, the validator seems to have been on two “instances”, both of which produced an invalid block. This action led to the creation of a fork.

The fork, in turn, results in an abstract code path with validators stuck on it. Attempts to switch to the main Solana fork proved futile, resulting in network outages. When the core issue was discovered, the developers noted that a cluster restart was required to resolve the outage.

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