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Home Uncategorized

Solana’s SOL Token Recovers After Major Network Outage

Michael Juanico by Michael Juanico
February 6, 2024
in Uncategorized
Reading Time: 3 mins read
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  • Solana blockchain experienced a major outage on Tuesday morning, causing SOL token price to drop 4% before recovering when network was restored.
  • Outage was likely caused by a bug that was patched on testnet but not yet mainnet. Block production halted for 5 hours before validators could restart with software update.
  • While concerning, outages are not new for Solana. But its ability to quickly patch issues shows promise despite challenges in balancing decentralized networks.

The Solana blockchain experienced a major outage on Tuesday morning, causing the SOL token price to drop sharply before recovering. This marked the first significant network disruption for Solana in nearly a year.

JUST IN: Solana $SOL remains relatively unaffected by its network 5 hour outage

Where does SOL go from here? pic.twitter.com/TaqtjgnJuA

— BlockNews.com (@blocknewsdotcom) February 6, 2024

Outage Strikes Solana Network

The outage struck the Solana mainnet-beta around 5:00am EST, according to the network’s status page. Solana Labs said the network was down for nearly 5 hours before validators could restart with a patched software update. The outage resulted in a halt in block production on Solana for several hours.

SOL Price Plummets Then Rebounds

When the outage hit, the price of SOL plunged from around $96 down to $93 within minutes. This represented a drop of over 4% from its pre-outage price. However, once the network recovered and block production resumed, SOL price rebounded back near its former level at $95.

Likely Bug to Blame

While an official root cause analysis is still pending, developers believe the outage was likely triggered by a bug. The bug was apparently identified and fixed on Solana’s testnet but had not yet been patched on the mainnet before failure struck.

Not Solana’s First Outage

The Solana network also experienced a significant 19-hour outage in June 2022. The Solana Foundation later attributed that incident to excessive transaction loads from decentralized apps overwhelming the network.

Outages Could Threaten Solana’s Growth

For a blockchain aiming to support expansive decentralized finance and app ecosystems, outages present a threat to user confidence and mainstream adoption. However, Solana remains popular given its high transaction speeds and low costs.

Conclusion

The Solana outage demonstrates the challenges of balancing decentralized networks at scale. However, the team’s ability to quickly identify and patch the failure shows promise for Solana’s continued evolution despite bumps along the way.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BlockchainSOLSolanaSolana Labs
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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