Solana price plunges as blockchain suffers outage again

Source: AdobeStock / JorgeEduardo

Solana’s price took a hit in the middle of another major failure which paralyzed network activity.

Crypto specialist and host of the NFT Alpha show, Nick Valdez first reported the situation to public attention on Twitter after a series of speculative reports. A few hours later, the official Solana Twitter account has confirmed the report in the early hours of Saturday.

According to the official account, the network went down and transactions were no longer being processed. The Solana team assured the community that network developers were already there and working to resolve the issue.

This incident marks the fourth time Solana has had a major outage this year. The network is now notorious within the crypto community for its occasional outages, with several proponents citing this as a reason to stay away from the chain.

Following confirmation of the outage, Solana share a document containing instructions to validators on what steps to take to help resolve the issue. At press time, the network has been successfully restarted and is fully operational.

Despite solving the problem, the network outage lasted more than 8 hours. Solana’s price has, in tandem with the majority of markets, experienced a decline in this period of time. While it might be a stretch to attribute Solana’s current price situation to the recent outage, the asset has undoubtedly suffered from a network outage in the past.

Solana is currently trading at $32.98 at press time, down 3.43% in the last 24 hours. Since its fall from the high position of $47.9 on August 13, the token has been caught in a downtrend. The asset experienced a freefall from August 13 to 19, which brought it back below the $40 mark. Solana has not revisited the $40 zone since then.

What caused Solana’s recent outage?

Not much information has surfaced about the root cause of the issue. Laine Stakewiz, a blockchain company that operates Solana nodes, recently shared their views on the matter.

Several Solana validators stopped voting around 22:40 (UTC) on Friday. Operators received alerts about the issue and gathered on Discord to discuss it and find a solution. The network appears to have been blocked as it was confirmed that new roots were not being produced.

According Stakewiz Yarnit was noticed thata validator had shared an invalid block. The incident itself should not pose a major problem, as it could be resolved by the network. Nevertheless, the validator seems to have been on two “entities”, both producing an invalid block. The act led to the creation of a fork.

The fork, in turn, resulted in a complex code path with blocked validators on it. Attempts to switch to the main Solana fork proved unsuccessful, resulting in a halt in network activity. After discovering the main problem, the developers found that a restart of the cluster was necessary to resolve the failure.

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Solana price plunges as blockchain suffers outage again

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