update 16 September 2021

Solana is Working to Make its Network More Resilient

The Solana blockchain preferred blockchain cryptocurrencies for decentralized marketplaces, and apps will reinforce the network after a major outage. The network is promising to implement more protective steps. The Solana blockchain network went offline on Tuesday due to transaction overload. However, the team managed to get things in action quickly. The price of its crypto token eventually recovered.

A “detailed post-mortem” analysis will be issued in the coming weeks, according to the @SolanaStatus Twitter account, after the network suffered an outage of more than 17 hours. The affiliated SOL token has dropped about 18% over the past seven days. Still, the CoinGecko tracker notes it has more than tripled in the past month.

Day Long Network Outage

Solana is now among blockchains that have stalled for a couple of hours. The network prevented people from making SOL transactions using decentralized apps (Dapps). Additionally, it troubled block explorers and wallets with significant issues. Solana gave the community an update through their Twitter account on Wednesday following Solana’s block production stall on Tuesday.

Solana explained to users that its validator community had finalized a restart of Mainnet Beta. The network now uses version 1.6.25. They noted that Dapps, supporting systems, and block explorers will recover over the next several hours. They added that the network should restore full functionality soon. Still, the users complained about errors stemming from two different block explorers despite the restart.

As soon as the Solana team restarted the blockchain network, SOL/USD found its footing. The token value grew by almost 7%. Then it plummeted to over $156. The worth started to surge and reached $163.27, implying that a new bullish momentum could be on the horizon. It is recovering after a twelve-hour slump. Solana’s price today is $156.63, with a 24-hour trading volume of almost $3.5B. The cost has gone up 1.0% in the last 24 hours.

Solana Network

Speed and efficiency are critical components of prosperity in the world of cryptocurrencies. Solana claims to be the fastest blockchain globally. Moreover, the network notes that it is the fastest-growing ecosystem in crypto. Additionally, it has over four hundred projects spanning DeFi, NFTs, Web3, and others.

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The recent price action in SOL continues to drive speculators looking for the next explosive token into the market. Experts advise the community to invest capital they can afford to lose when approaching any crypto. This goes for all digital assets from the smallest emerging token to Bitcoin. The asset’s high level of volatility is an excellent example of how the reward potential is commensurate with the high level of risk.