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Solana price crashes as the blockchain suffers another failure

Source: AdobeStock / JorgeEduardo

Solana’s price has taken a hit amid another major outage that has halted network activity.

Crypto expert and NFT Alpha show host, first Nick Valdez brought the development to public attention on Twitter after a series of speculative mentions. A few hours later, the official Solana Twitter handle Approved the report in the early hours of Saturday morning.

According to Handle, the network was down and transactions were no longer being processed. The Solana team assured the community that network developers are already on their way to solve the problem.

This incident marks the fourth time Solana has experienced a major outage this year. The network is now well known in the crypto community for its occasional power outages, as several proponents have cited the pattern as a reason to stay off the chain.

Upon confirmation of the outage, Solana divided a document that instructs validators on the steps to take to resolve the issue. The network has successfully restarted and is fully operational at the time of printing.

Despite the solution, the network outage lasted over 8 hours. Solana’s price has taken a plunge along with the majority of the markets within this timeframe. While it might be a stretch to attribute Solana’s current price situation to the recent outage, the asset has undoubtedly suffered from a grid outage in the past.

Solana is currently trading at $32.98 at press time, down 3.43% over the past 24 hours. The asset has been caught in a bearish pattern since falling from the high $47.9 position on Aug. 13. The asset experienced a free fall from Aug. 13 to Aug. 19 that took it below the $40 mark. Solana has not visited the $40 zone since.

What Caused Solana’s Recent Outage?

Only limited information on the cause of the problem has surfaced. Laine Statakewiz, a blockchain company that operates Solana nodes, recently provided insight into the matter.

Several Solana validators stopped voting around 22:40 (UTC) on Friday. Operators received notifications about the issue and gathered on Discord to discuss it and find a solution. The network seemed deadlocked as it was confirmed that no new roots were being produced.

Corresponding Laine Stakewiz, a validator was found to have shared an invalid block. The incident alone should not result in a major problem as it could be resolved by the network. Regardless, the validator appeared to have been on two “instances” with both generating an invalid block. The act led to the creation of a fork.

The fork, in turn, led to an abstruse code path with validators stuck on it. Attempts to switch to the main Solana fork proved unsuccessful and led to a halt in network activity. Upon discovering the core issue, the developers found that a cluster restart was required to resolve the outage.

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