{"id":573590,"date":"2024-02-06T15:00:23","date_gmt":"2024-02-06T15:00:23","guid":{"rendered":"https:\/\/uniquehot.com\/?p=573590"},"modified":"2024-06-11T08:35:15","modified_gmt":"2024-06-11T08:35:15","slug":"solana-11th-outage-in-2-years-sol-price-drops","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana-11th-outage-in-2-years-sol-price-drops\/","title":{"rendered":"Solana Suffers 11th Outage In 2 Years, SOL Price Drops 3%"},"content":{"rendered":"<p>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&#8217;s mainnet-beta has been non-operational for about two hours, with block progression coming to a standstill.<\/p>\n<figure id=\"attachment_573605\" aria-describedby=\"caption-attachment-573605\" style=\"width: 3222px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-573605 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/solscan.png?resize=3222%2C1185\" alt=\"Solscan\" width=\"3222\" height=\"1185\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/solscan.png?w=3222 3222w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/solscan.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/solscan.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/solscan.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/solscan.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/solscan.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/solscan.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/solscan.png?w=1140 1140w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/solscan.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-573605\" class=\"wp-caption-text\">Solana is down for 2 hours now | <a href=\"https:\/\/solscan.io\/blocks\" target=\"_blank\" rel=\"noopener nofollow\">Solscan<\/a><\/figcaption><\/figure>\n<h2>Solana Network Comes To A Standstill<\/h2>\n<p>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.<\/p>\n<p>Solana&#8217;s team acknowledged the situation through an incident report. &#8220;Engineers from across the ecosystem are investigating an outage on mainnet-beta,&#8221; they stated, confirming the incident but not providing details on the cause.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Engineers from across the ecosystem are investigating an outage on mainnet-beta. This thread will be updated as more information becomes available  <a href=\"https:\/\/t.co\/rfeioQ6BG9\" rel=\"nofollow\">https:\/\/t.co\/rfeioQ6BG9<\/a><\/p>\n<p>&mdash; Solana Status (@SolanaStatus) <a href=\"https:\/\/twitter.com\/SolanaStatus\/status\/45789491?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 6, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Laine, a blockchain software company and validator for Solana, provided further insights into the technical challenges being faced. &#8220;Consensus on the last optimistic slot has been reached at 246464040, validators are on standby for next steps as needed,&#8221; Laine <a href=\"https:\/\/twitter.com\/laine_sa_\" target=\"_blank\" rel=\"noopener nofollow\">explained<\/a>.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/why-this-crypto-report-suggests-solana-as-a-main-focus-for-the-next-bull-market\/\" target=\"_blank\" rel=\"noopener \">Why This Crypto Report Suggests Solana As A Main Focus For The Next Bull Market<\/a><\/div>\n<p>They also mentioned that engineers are working on a potential fix, but it remains uncertain if a coordinated cluster restart will be necessary. \u201cEngineers are building a release containing a remediation, once this has been built and tested further instructions will be released to validators,&#8221; the team said.<\/p>\n<p>Adding to the updates, SolanaFloor reported, \u201cUPDATE: 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.\u201d<\/p>\n<p>This incident marks the first outage since February 2023, as per Solana&#8217;s status page. Notably, the platform faced multiple outages in 2022 due to node issues, with a significant <a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-suffers-outage-and-tanks-16-whats-next\/\" target=\"_blank\" rel=\"noopener \">disruption<\/a> in September 2021 that lasted nearly 18 hours.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/solana\/solana-dexs-outperform-ethereum-in-key-metric-heres-what-this-means\/\" target=\"_blank\" rel=\"noopener \">Solana DEXs Outperform Ethereum In Key Metric, Here\u2019s What This Means<\/a><\/div>\n<p>The recurrent outages have drawn criticism from industry experts. Charles Edwards, founder of Capriole Investments, <a href=\"https:\/\/twitter.com\/caprioleio\/status\/29528777\" target=\"_blank\" rel=\"noopener nofollow\">remarked<\/a> on the decentralization aspect, stating, &#8220;Solana&#8217;s 11th outage in the last 2 years. This is not what <a href=\"https:\/\/uniquehot.com\/analysis\/ada\/cardano-ada-takes-a-step-closer-to-full-decentralization-heres-how\/\" target=\"_blank\" rel=\"noopener \">decentralization<\/a> looks like.&#8221;<\/p>\n<h2>Buy The SOL Price Dip?<\/h2>\n<p>The market response to this latest event has been mixed. Crypto analyst Gumshoe offered a nuanced <a href=\"https:\/\/twitter.com\/0xGumshoe\/status\/11513452\" target=\"_blank\" rel=\"noopener nofollow\">view<\/a>, suggesting that while the outage is negative news, it could ironically backfire on those who short the token late:<\/p>\n<blockquote><p><strong>\u201cSolana down is obviously bad, but nothing new<\/strong><\/p>\n<p><strong>&#8211; All the SOL haters now have a catalyst to short<\/strong><\/p>\n<p><strong>&#8211; We&#8217;re in a choppy market, this is a clear trading signal<\/strong><\/p>\n<p><strong>&#8211; Everyone is hungry for money, will revenge trade<\/strong><\/p>\n<p><strong>This can ironically go very wrong for late shorts\u201d<\/strong><\/p><\/blockquote>\n<p>Pentoshi, another renowned analyst, advised patience, <a href=\"https:\/\/twitter.com\/Pentosh1\/status\/35484972\" target=\"_blank\" rel=\"noopener nofollow\">noting<\/a> that the market is currently consolidating and that investors should not rush into decisions based on the anticipation of constant breakouts:<\/p>\n<blockquote><p><strong>Market chopsolidating. People trying to catch breakouts on some of these expecting trend continuation daily. [&#8230;] I don&#8217;t think it goes as low as I had shown originally but likely to $75-78 at some point.<\/strong><\/p><\/blockquote>\n<p>At press time, the Solana (SOL) price experienced a slight <a href=\"https:\/\/uniquehot.com\/news\/company\/solana-price-drops-as-altcoin-market-falters-is-it-too-late-to-buy-sol\/\" target=\"_blank\" rel=\"noopener \">downtrend<\/a> 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.<\/p>\n<p>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.<\/p>\n<figure id=\"attachment_573600\" aria-describedby=\"caption-attachment-573600\" style=\"width: 3628px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-573600 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/SOLUSD_2024-02-06_12-26-04.png?resize=3628%2C1672\" alt=\"Solana price\" width=\"3628\" height=\"1672\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/SOLUSD_2024-02-06_12-26-04.png?w=3628 3628w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/SOLUSD_2024-02-06_12-26-04.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/SOLUSD_2024-02-06_12-26-04.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/SOLUSD_2024-02-06_12-26-04.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/SOLUSD_2024-02-06_12-26-04.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/SOLUSD_2024-02-06_12-26-04.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/SOLUSD_2024-02-06_12-26-04.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/SOLUSD_2024-02-06_12-26-04.png?w=1140 1140w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/02\/SOLUSD_2024-02-06_12-26-04.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-573600\" class=\"wp-caption-text\">Solana price, 1-week chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/adnNvR9u\/\" target=\"_blank\" rel=\"noopener nofollow\">SOLUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s mainnet-beta has been non-operational for about two hours, with block progression coming to a standstill. 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&#8217;s team acknowledged the situation through an incident report. &#8220;Engineers from across the ecosystem are investigating an outage on mainnet-beta,&#8221; 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 &mdash; Solana Status (@SolanaStatus) February 6, 2024 Laine, a blockchain software company and validator for Solana, provided further insights into the technical challenges being faced. &#8220;Consensus on the last optimistic slot has been reached at 246464040, validators are on standby for next steps as needed,&#8221; Laine explained. Related Reading: Why This Crypto Report Suggests Solana As A Main Focus For The Next Bull Market They also mentioned that engineers are working on a potential fix, but it remains uncertain if a coordinated cluster restart will be necessary. \u201cEngineers are building a release containing a remediation, once this has been built and tested further instructions will be released to validators,&#8221; the team said. Adding to the updates, SolanaFloor reported, \u201cUPDATE: 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.\u201d This incident marks the first outage since February 2023, as per Solana&#8217;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. Related Reading: Solana DEXs Outperform Ethereum In Key Metric, Here\u2019s What This Means The recurrent outages have drawn criticism from industry experts. Charles Edwards, founder of Capriole Investments, remarked on the decentralization aspect, stating, &#8220;Solana&#8217;s 11th outage in the last 2 years. This is not what decentralization looks like.&#8221; 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: \u201cSolana down is obviously bad, but nothing new &#8211; All the SOL haters now have a catalyst to short &#8211; We&#8217;re in a choppy market, this is a clear trading signal &#8211; Everyone is hungry for money, will revenge trade This can ironically go very wrong for late shorts\u201d 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. [&#8230;] I don&#8217;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. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":569255,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86683,3,84543],"tags":[12837,86420,83626,91562,85361,86410],"class_list":["post-573590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news-ticker","category-news","category-solana","tag-sol","tag-sol-price","tag-solana","tag-solana-outage","tag-solana-price","tag-solusd"],"acf":[],"yoast_head":"\n<title>Solana Suffers 11th Outage In 2 Years, SOL Price Drops 3%<\/title>\n<meta name=\"description\" content=\"The Solana blockchain network is currently experiencing an outage, marking its 11th such incident in the past two years. 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