Solana’s price has taken a hit amid another major outage that has grinded the network activity to a halt.
Crypto pundit and host of NFT Alpha show, Nick Valdez first brought the development to public attention on Twitter after a series of speculative mentions. A few hours later, the official Solana Twitter handle confirmed the report in the early hours of Saturday.
According to the handle, the network experienced an outage and transactions were no longer being processed. The Solana team assured the community that network developers were already up and about, looking to resolve the issue.
This incident marks the fourth time Solana is experiencing a major outage this year. The network is now renowned within the crypto community for its occasional blackouts, as several proponents have cited the pattern as a reason to steer clear of the chain.
Following confirmation of the outage, Solana shared a document with instructions to validators on steps to take in order to assist in solving the issue. The network has been successfully restarted as of press time, and fully operational.
Despite the resolution, the network’s outage lasted for over 8 hours. Solana’s price has, in tandem with the majority of the markets, seen a dip within this timeframe. While it might be a reach to ascribe Solana’s current price situation to the recent outage, the asset has in the past undoubtedly suffered from a network blackout.
Solana is currently trading at $32.98 as of press time, down 3.43% in the past 24 hours. Since its fall from the lofty position of $47.9 on August 13, the asset has been caught in a bearish pattern. The asset saw a free fall from August 13 to August 19 which brought it below the $40-mark. Solana has not revisited the zone at $40 since then.
What Caused Solana’s Recent Outage?
Limited information has surfaced on the root cause of the issue. Laine Stakewiz, a blockchain…
