Solana’s ‘Major Outage’ Triggers Concerns Over Its Stability- SOL Price Slips 2%

The Solana Network, known for its high-speed transactions confirmed that it had encountered a major outage today, February 6.

The Solana Mainnet-Beta experienced a performance degradation, a block progression is currently halted, and core engineers and validators are actively investigating. Solana’s network’s system status page was updated to reflect the outage showing a pause in the blockchain’s operations. 

Users on social media notice that the Solana blockchain hasn’t produced a block in over 25 minutes and that the blocks seem to have been last processed at 09:52 UTC which is unusual since its usual block production time is 400 milliseconds.

As a result, Solana’s native token SOL slipped to over 2% after the news came out. 

Since Solana is known for its fast-processing capabilities and low-cost transactions, the recent news raises concerns about the platform’s reliability as investments in cryptocurrency experience volatility. At this time of writing, SOL is trading at $93.43 with a 24-hour trading volume of $1.55 billion.

At this stage, the Solana community and potential investors remain on alert as they await further updates and confirmation regarding Solana’s status hoping for a quick resolution of the current outage.

In response to the news, Upbit Exchange has suspended all deposits and withdrawals for SOL and other associated tokens such as GMT, RAY, and ACS. The current outage has caught the attention of the cryptocurrency community, initiating debates and concerns about the stability of the network. 

Despite Solana’s technical challenges, times have seen a focus on its benefits, such as efficient airdrops and investor satisfaction with its performance.

This incident marks almost a year since the Solana network had nearly 18 hours of outage in February 2023 underscoring the challenges faced by high-performance blockchain networks in maintaining consistent uptime.