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Solana Suffers 11th Outage In 2 Years, SOL Price Drops 3%
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Solana Suffers 11th Outage In 2 Years, SOL Price Drops 3%

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Solana price outage

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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.

Solscan
Solana is down for 2 hours now | Solscan

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.

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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.

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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.

Solana price
Solana price, 1-week chart | Source: SOLUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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