Is Solana Network Down? SOL Price To Affect?

Solana Price News: Solana Network reportedly registered a halt on Saturday as infrastructure operators to check on the troubled blockchain. Users encountered some tech issues as they found it challenging to trade digital assets on chain.

Solana Chain Down?

As per SolBlaze, a staking pool built on Solana, the struggling blockchain didn’t go down. However, there is a big forking event scheduled on Mainnet-beta. This has caused validators to slow down as they attempt to resolve forks.

It added that the Network is moving moderately and confirming blocks at 16 TPS. While validator operators and Solana engineers are trying to identify the root cause. However, the main cause is still not identified yet some potential fixes are being done.  Read More Solana News Here…

SolBlaze mentioned that nothing has been confirmed yet. However, the incremental downgrade (v1.14 > v1.13) issue may be buried in the major v1.14 upgrade that was recently rolled out. Meanwhile, the networked restart attempt would be the last resort.

It later added that validators are attempting to downgrade from the mentioned v1.14 to v1.13. However, v1.14 saw a massive adoption on February 25, 2023, and it is highly speculated that it could be the current network issue.

What’s The Last Resort?

Meanwhile, it is advised not to downgrade as nothing official notice has come out from Solana Labs. It highlights that nodes are downgraded in a decentralized way. However, a possible restart attempt is being coordinated if the downgrading attempt ends up not settling the emerging issue.

On the market side, Solana price are riding on a downward trend. SOL price is down by 5% in the last 24 hours. Solana is trading at an average price of $22.77, at the press time. While its 24 hour trading volume is up by 14% to stand at $603 million.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]