Solana Network Experiences Outage
The Solana blockchain network is currently facing an outage, which is its 11th incident in the past two years. The mainnet-beta has been non-operational for about two hours, with block progression coming to a standstill.
Issue Noticed by Prominent Block Explorers
The lack of new transactions on the network was first noticed by Solscan and OKLink, two prominent block explorers. Upbit, a crypto exchange, suspended deposits and withdrawals for SOL and other tokens due to the ongoing disruption.
Engineers Investigating the Outage
Solana’s team confirmed the incident and mentioned that engineers are investigating the outage on mainnet-beta. They have not provided details on the cause of the issue yet.
Technical Challenges and Potential Fix
Laine, a blockchain software company and validator for Solana, explained that consensus on the last optimistic slot has been reached. Engineers are working on a potential fix, and validators are on standby for further instructions.
Updates from SolanaFloor
SolanaFloor reported that validators have begun generating snapshots in preparation for a restart. Core engineers of Solana ecosystem are still preparing the remediation build release for the outage.
Recurrent Outages Draw Criticism
Solana has faced multiple outages in recent years, drawing criticism from industry experts. The founder of Capriole Investments remarked that these outages are not what decentralization looks like.
Market Response to the Outage
The market response to this latest event has been mixed. Some analysts suggest that shorting the token late could backfire, while others advise patience and not rushing into investment decisions based on the anticipation of constant breakouts.
Slight Downtrend in SOL Price
Following the incident, the Solana (SOL) price experienced a slight downtrend, dropping by as much as 3%. However, this setback represents only a minor deviation in the broader market trajectory.
Key Levels for SOL Price
The SOL price is currently encountering resistance at the 0.382 Fibonacci retracement level. On the downside, critical support is found at the 0.236 Fibonacci level.
Hot Take: Solana Network Faces 11th Outage in Two Years
The Solana blockchain network has once again experienced an outage, marking its 11th incident in just two years. This latest disruption has caused the mainnet-beta to be non-operational for about two hours, halting block progression. The issue was first noticed by prominent block explorers, and crypto exchange Upbit had to suspend deposits and withdrawals due to the ongoing disruption. Solana’s team has acknowledged the situation and engineers are currently investigating the cause of the outage. This recurring problem has drawn criticism from industry experts who question the decentralization aspect of Solana. The market response to this event has been mixed, with some analysts cautioning against shorting the token late and advising patience instead. Despite a slight downtrend in SOL price following the incident, it is considered a minor deviation in the broader market trajectory.
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