Solana Price Rebounds After Network Outage
Solana’s price has rebounded after the network experienced a major outage, causing a dip in the cryptocurrency’s value. The token, SOL, is currently trading at $95.90, almost fully recovering from its earlier position of $96.02 before the network failure.
Network Outage Triggers Price Dip
The outage occurred at around 5:22 am EST, leading to a sharp decline in SOL’s price, reaching a low of $93.36. However, the token has since recovered and is now back to its current price.
Lengthy Outage Resolved
The network outage lasted for four hours and 46 minutes before being resolved. Solana developers had to restart their nodes with new software to address the issue.
Cause of Outage Not Yet Confirmed
The Solana Foundation has not released an official statement regarding the cause of the outage. However, a tweet from VanEck Head of Digital Assets Research suggests that it may be due to an unfixed bug on the main network.
Past Issues and Ambitions
This is not the first time Solana has experienced prolonged issues, as it went dark for about 19 hours last year following a network upgrade. These outages are concerning for Solana’s goal of becoming a prominent blockchain ecosystem in finance, commerce, and communication.
Rise in Activity and Trading Volume
Solana has seen significant growth in activity recently, with token trading volume briefly surpassing that of Ethereum’s decentralized exchanges.
Hot Take: Solana Recovers From Network Outage, but Concerns Remain
Solana’s price has bounced back after a network outage, but the incident raises concerns about the stability and reliability of the blockchain. As Solana aims to become a major player in the crypto space, such outages are not ideal for its reputation. The cause of the outage is still unknown, and the Solana Foundation is expected to release a detailed report soon. While Solana has seen impressive growth in activity and trading volume, it needs to address these technical issues to instill confidence among users and investors.
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