Solana (SOL) Falls 5% After Its First Network Outage In 350 Days
The digital asset market was shocked when Solana stopped producing blocks more than four hours ago, subsequently leading SOL to fall as much as 5% amid its first network outage in 350 days. The development was a notable one within the industry and has affected the value of its native SOL token.
Earlier today, news outlets began to issue reports on a Solana outage that shocked users. Thereafter, Solana took to X (formerly Twitter) to give an update on the situation. Specifically, they noted that engineers were investigating a mainnet outage. Moreover, blockchain company Laine, a validator on the Solana Blockchain also stated the uncertainty of the situation.
Also Read: Solana Stops Processing Transactions Due To An Outage
Solana Faces SOL Drop Amid Major Network Outage
Due to the technical nature of digital assets, network outages are a critical thing to avoid for blockchain companies. However, like all technology sectors, they have become a key part of the industry. One company that has certainly suffered its fair share of issues with outages is Solana.
Although it had been outage-free for quite some time, Solana has seen SOL drop as much as 5% amid its first major network outage in 350 days. Indeed, the blockchain was down for almost a day in February of 2023. However, the current outage has not impacted the price of SOL as much as some may have feared.
Also Read: Solana (SOL) Falls Below $100; Can SOL Climb Back This Week?
The native token fell as much as 5% but is currently down only 3.50%, trading at $94.16 according to CoinMarketCap. However, that continues what has been a continual decline for the asset over the last seven days. Specifically, over the last week, SOL has dropped as much as 10%.
As previously stated, Laine has updated users on the situation in a post to X. Specifically, they note that “engineers are investigating and identifying a possible remediation,” but the possibility of recovery is unknown at this time. Moreover, they noted that validators are on standby for the next steps as needed.”
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Solana (SOL) Falls 5% After Its First Network Outage In 350 Days
The digital asset market was shocked when Solana stopped producing blocks more than four hours ago, subsequently leading SOL to fall as much as 5% amid its first network outage in 350 days. The development was a notable one within the industry and has affected the value of its native SOL token.
Earlier today, news outlets began to issue reports on a Solana outage that shocked users. Thereafter, Solana took to X (formerly Twitter) to give an update on the situation. Specifically, they noted that engineers were investigating a mainnet outage. Moreover, blockchain company Laine, a validator on the Solana Blockchain also stated the uncertainty of the situation.
Also Read: Solana Stops Processing Transactions Due To An Outage
Solana Faces SOL Drop Amid Major Network Outage
Due to the technical nature of digital assets, network outages are a critical thing to avoid for blockchain companies. However, like all technology sectors, they have become a key part of the industry. One company that has certainly suffered its fair share of issues with outages is Solana.
Although it had been outage-free for quite some time, Solana has seen SOL drop as much as 5% amid its first major network outage in 350 days. Indeed, the blockchain was down for almost a day in February of 2023. However, the current outage has not impacted the price of SOL as much as some may have feared.
Also Read: Solana (SOL) Falls Below $100; Can SOL Climb Back This Week?
The native token fell as much as 5% but is currently down only 3.50%, trading at $94.16 according to CoinMarketCap. However, that continues what has been a continual decline for the asset over the last seven days. Specifically, over the last week, SOL has dropped as much as 10%.
As previously stated, Laine has updated users on the situation in a post to X. Specifically, they note that “engineers are investigating and identifying a possible remediation,” but the possibility of recovery is unknown at this time. Moreover, they noted that validators are on standby for the next steps as needed.”
Read More