Solana Price punges as Blockchain Experiences another dropdown
New York City: As a result of yet another significant disruption that has brought the network to a complete stop, Solana’s pricing has fallen.
After many speculative references, crypto analyst and presenter of the NFT Alpha podcast Nick Valdez first brought the news to public notice on Twitter.
The handle indicated that there was a network outage and that transactions were no longer being handled. The Solana team promised the neighborhood that network developers were actively working to find a solution.
This event is the fourth significant outage Solana has had this year. As a result of several supporters citing the pattern as a cause to avoid the chain, the network is now well-known among cryptocurrency enthusiasts for its infrequent outages.
Solana issued a paper with validators when the outage was confirmed, outlining the measures they should take to help resolve the problem. As at the time of publication, the network had been successfully resumed and was fully functional.
Despite being fixed, the network was down for more than 8 hours. Along with the bulk of the markets, Solana’s price has decreased over this period. While it may be overreaching to link Solana’s present pricing condition to the most recent outage, the asset has clearly experienced network outages in the past.
As of the time of publication, Solana was down 3.43% over the previous 24 hours, trading at $32.98. The asset has been in a negative pattern ever since it dropped from the high position of $47.9 on August 13 to its current level. From August 13 to August 19, the asset saw a free slide that took it below the $40 threshold. Since then, Solana has not returned to the zone at $40.
What Was the Recent Outage at Solana?
On the main source of the problem, little information has been revealed. A blockchain business called Laine Stakewiz that runs Solana nodes has provided some light on the subject.
Around 22:40 (UTC) on Friday, some Solana validators ceased casting their votes. Operators gathered on Discord to talk about the problem and find a solution after being alerted to it. It was proven that no new roots were being created, giving the network the appearance of being stuck. Laine Stakewiz claims that it was discovered that a validator shared an invalid block. The occurrence by itself shouldn’t cause a significant problem since the network may be able to fix it.