According to the block explorer, the Solana network is experiencing a brief outage, with the most recent transaction being paused at 09.52 UTC.
At this moment, validators and engineers are conducting an investigation into the mainnet-beta to determine the cause of the inconvenience. In a tweet, the blockchain firm Laine, which is also the primary Solana validator, said, "It is not clear yet whether a recovery is possible without a coordinated cluster restart."
An undesirable impact has been brought about by the downtime on the price of SOL, which is the native currency of the Solana network.
According to statistics provided by CoinGecko, the price has decreased by 2.2% over the course of the last hour, which is a compounding of a depreciation of 4.4% over the course of the previous 24 hours.
Ten percent of SOL's value has been lost during the last week, erasing all of the advances it has made over the past thirty days.
The price at which SOL is now traded is $93.63. Despite the fact that chart data indicates that the currency has found significant support at this level, the outage may indicate that holders of SOL have not yet seen the end of the road.
According to the evidence from the past, SOL may go back to the prior support levels, which were somewhere around $0.87.
In spite of this, it is quite improbable that it will fall to its 2023 low of around $0.79. This prior low was part of a market-wide rout that was sparked after Jamie Dimon, the CEO of JP Morgan, was quoted as saying that Satoshi Nakomoto, the pseudonymous founder of Bitcoin, may one day return and "erase" the cryptocurrency.
Chart of Solana obtained from TradingView under the SOLUSDT
In a nutshell, supporters of SOL should certainly anticipate more losses in the near future; nevertheless, the present price action of the currency is attributable to a technical failure, rather than any dangers to the network or its reputation.
