Solana Suffers 11th Outage In 2 Years, SOL Price Drops 3%
06 Februar 2024 - 4:00PM
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The Solana blockchain network is currently experiencing an outage,
marking its 11th such incident in the past two years. As of the
latest updates, Solana’s mainnet-beta has been non-operational for
about two hours, with block progression coming to a standstill.
Solana Network Comes To A Standstill The issue was first noticed
when Solscan and OKLink, two prominent block explorers, indicated a
lack of new transactions on the network. The last recorded
transaction was at 9:52 am UTC. Upbit, a crypto exchange,
subsequently announced the suspension of deposits and withdrawals
for SOL and several other tokens, citing the ongoing disruption.
Solana’s team acknowledged the situation through an incident
report. “Engineers from across the ecosystem are investigating an
outage on mainnet-beta,” they stated, confirming the incident but
not providing details on the cause. Engineers from across the
ecosystem are investigating an outage on mainnet-beta. This thread
will be updated as more information becomes available
https://t.co/rfeioQ6BG9 — Solana Status (@SolanaStatus) February 6,
2024 Laine, a blockchain software company and validator for Solana,
provided further insights into the technical challenges being
faced. “Consensus on the last optimistic slot has been reached at
246464040, validators are on standby for next steps as needed,”
Laine explained. Related Reading: Why This Crypto Report Suggests
Solana As A Main Focus For The Next Bull Market They also mentioned
that engineers are working on a potential fix, but it remains
uncertain if a coordinated cluster restart will be necessary.
“Engineers are building a release containing a remediation, once
this has been built and tested further instructions will be
released to validators,” the team said. Adding to the updates,
SolanaFloor reported, “UPDATE: Validators have begun generating
snapshots using their local ledger state to prepare for a restart.
Solana ecosystem Core engineers are still preparing the remediation
build release for the outage.” This incident marks the first outage
since February 2023, as per Solana’s status page. Notably, the
platform faced multiple outages in 2022 due to node issues, with a
significant disruption in September 2021 that lasted nearly 18
hours. Related Reading: Solana DEXs Outperform Ethereum In Key
Metric, Here’s What This Means The recurrent outages have drawn
criticism from industry experts. Charles Edwards, founder of
Capriole Investments, remarked on the decentralization aspect,
stating, “Solana’s 11th outage in the last 2 years. This is not
what decentralization looks like.” Buy The SOL Price Dip? The
market response to this latest event has been mixed. Crypto analyst
Gumshoe offered a nuanced view, suggesting that while the outage is
negative news, it could ironically backfire on those who short the
token late: “Solana down is obviously bad, but nothing new – All
the SOL haters now have a catalyst to short – We’re in a choppy
market, this is a clear trading signal – Everyone is hungry for
money, will revenge trade This can ironically go very wrong for
late shorts” Pentoshi, another renowned analyst, advised patience,
noting that the market is currently consolidating and that
investors should not rush into decisions based on the anticipation
of constant breakouts: Market chopsolidating. People trying to
catch breakouts on some of these expecting trend continuation
daily. […] I don’t think it goes as low as I had shown originally
but likely to $75-78 at some point. At press time, the Solana (SOL)
price experienced a slight downtrend following the incident,
dropping by as much as 3%. A closer examination of the 1-week
SOL/USD chart reveals that the recent setback represents only a
minor deviation in the broader market trajectory. On the upside,
the SOL price is currently encountering resistance at the 0.382
Fibonacci retracement level ($107.75). This level serves as a key
threshold that could determine the future bullish momentum of SOL.
Conversely, on the downside, critical support is found at the 0.236
Fibonacci level, which is valued at $69.6. Featured image from
Shutterstock, chart from TradingView.com
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