Solana (SOL) Price Plunges Hard As The Network Suffers Another Major Outage

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Solana suffers another major outage as a single misconfigured node takes down the entire network on Saturday. With the Solana network being offline, validators are unable to process transactions. Solana team has now asked validators to perform a Solana Mainnet restart, requiring at least 80% stake to restart. As a result, Solana’s (SOL) price falls over 6% in the last 24 hours.

Solana Network Outage

The Solana blockchain suffers its fourth outage this year, almost a year after the September 14 outage that took the network offline for 18 hours. Solana Status in a tweet on October 1 revealed the Solana network is experiencing an outage and issues with processing transactions. Developers are working to diagnose and fix the issue.

In a subsequent tweet, the Solana team releases instructions for Mainnet beta validators to restart the Solana Mainnet-beta cluster. Validators are required to search logs for the highest optimistically confirmed slot “153139220”.

Moreover, Solana validator Laine in a series of tweets informed that a misconfigured node caused an unrecoverable partition in the network. Validators were having difficulty with consensus as a validator was running a duplicate validator instance.

“The Solana mainnet network will be restarted at slot 153139220, the last confirmed slot. It appears a misconfigured node caused an unrecoverable partition in the network. Validators, please participate in finding consensus on the relevant data.”

As per Laine’s validator monitoring platform Stakewiz.com, the developers have initiated the restart. However, the Solana network restart is 57% completed. It requires the active stake visible in gossip to reach 80% for the Solana network to become online.

SOL Price Falls Amid Network Outage

Solana, once referred to as the “Ethereum killer”, is losing trust among the crypto community. In fact, Solana co-founder Anatoly Yakovenko claims that the network outages have become a curse for them.

Solana (SOL) price is down over 87% from its all-time high in November. The SOL price tumbled over 6% after the Solana network outage. At the time of writing, the price is trading at $32. Solana price may fall more if the restart doesn’t happen soon.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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