From Outage To Recovery: Solana Breaches $100 Barrier With Network Restart In Full Swing
08 Fevereiro 2024 - 2:48AM
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Solana, the ambitious blockchain ecosystem, showcased its
resilience in the face of adversity, experiencing a significant
network outage that temporarily impacted its cryptocurrency value.
The recent dip in SOL’s price, dropping to $93.36 during the
outage, highlighted a challenging moment for the blockchain
platform. However, the subsequent rapid recovery, with SOL
currently trading at $101.80, reflects the network’s ability to
bounce back, marking a notable 6.6% increase in the past 24 hours.
Related Reading: Cardano Price Stagnant At $0.48, But Charts Point
To Potential Upswing Source: Coingecko Solana: Price Stagnation,
Surge, Outage Recovery Amidst weeks of relative price stagnation,
where SOL fluctuated between $90 and $99, Solana’s recent surge
contrasts sharply. This period of minimal price change mirrored a
cautious sentiment prevailing in the cryptocurrency market,
contributing to a 10% correction in Solana’s value, painting a
tentatively bearish picture. The network faced a four-hour and
46-minute outage, causing considerable disruption. Despite the
setback, Solana’s developers swiftly addressed the issue by
implementing a new software patch from Solana Labs. The recovery
process involved mainnet validators restarting their nodes with the
updated software, emphasizing the platform’s commitment to
stability. Block production on Solana mainnet beta resumed at 14:57
UTC, following a successful upgrade to v1.17.20 and a restart of
the cluster by validator operators. Engineers will continue to
monitor performance as network operations are restored. The outage
began at approximately… — Solana Status (@SolanaStatus) February 6,
2024 Though the Solana Foundation has not issued a formal statement
regarding the outage’s cause, a tweet by VanEck’s Head of Digital
Assets Research, Matthew Sigel, suggested a potential bug
identified and patched on Solana’s testnet might be responsible.
This tweet gained traction as Solana’s co-founder, Anatoly
Yakovenko, and other notable developers reshared it, underlining
its significance. Solana outage, what happened? BPF loader, the
“Berkley Packet Filter,” which is the mechanism to deploy upgrade
and execute programs on Solana, failed. This seems to relate to a
previous SMID (Solana Improvement Proposal) that altered some of
the features including the adding a… — matthew sigel, recovering
CFA (@matthew_sigel) February 6, 2024 This incident isn’t the first
time Solana faced prolonged network issues; approximately a year
ago, a 19-hour blackout occurred after a network upgrade. The
Solana Foundation attributed the problem to the extensive use of
“custom block-forwarding software” by various applications. SOL
currently trading at $101.70 on the daily chart: TradingView.com
Despite occasional outages, Solana has experienced a surge in
activity. Token trading volume on its decentralized exchanges
recently surpassed that of Ethereum, signaling growing interest and
adoption. The recent network outage may have impacted investor
sentiment, but the dynamic nature of the cryptocurrency market
means that situations can evolve rapidly. Solana: Price
Projections, Stability Concerns Persist Based on the latest price
predictions, Solana’s price is expected to fluctuate between $92
and $119 in February 2024. The price is predicted to rise to $400
in 2025 and reach an all-time high of $445 in 2027. Market analysts
and experts predict that Solana is expected to cross a price level
of $517 in 2029. However, it is important to note that these
predictions are subject to change and may not be entirely accurate.
Source: Coincodex Related Reading: Dogecoin Massive Dump: 100
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Investors and enthusiasts are closely watching Solana’s trajectory
as it strives to establish itself as a mainstay in blockchain
ecosystems. The forthcoming root cause report from the Solana
Foundation is eagerly anticipated, offering insights into the
outage and potentially addressing concerns about the network’s
stability. As Solana navigates through these challenges, its
ability to recover and sustain an upward trajectory will be closely
monitored, playing a pivotal role in shaping its future amid the
competitive cryptocurrency landscape. Featured image from Adobe
Stock, chart from TradingView
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