For those who have been investing in Solana for a few years, today’s events are not surprising as we have seen the same issues several times. Although the Solana network is fast and inexpensive, it is not a stable network. While alternatives have only a few interruptions in their lifetime, SOL Coin can suddenly experience outages lasting hours. This has become somewhat normalized, and if you look at today’s price movement, you can see that investors don’t seem to care too much about it.
Solana Network Resumes Operation
Today, the Solana network experienced an outage lasting about 5 hours, and the problem had been resolved at the time of writing. The price of SOL Coin dropped from $96 to $92.88 before the issue arose. The price loss was modest because investors are quite accustomed to it. According to blockchain data, transactions began processing again around 15:00 UTC. The data indicated that transactions stopped around 09:52 UTC.
According to the Messari report, the Solana network last down on February 23, 2023, the problem was resolved quite quickly this time. The Solana Foundation, which maintains the network, typically updates the new validator software version to patch the error and then restarts the network. The same was done today.